Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

GBP/CAD: sell target - 1.9200

By: Dmitriy Chernovolov

  • GBP/CAD falling inside primary impulse wave ③
  • Next sell target - 1.9200

GBP/CAD recently fell sharply – following the earlier sharp downward reversal from the resistance zone lying between the resistance levels 1.9720 (previous sell target set for this currency pair) 1.9900. This is the former strong support zone which has been reversing the price from last October, as can be seen from the daily GBP/CAD chart below. The latest downward reversal from this resistance zone accelerated the active primary impulse wave ③.

With the daily Momentum recently reaching new yearly lows - GBP/CAD can be expected to fall further to the next sell target at the support level 1.9200 (target price for the completion of impulse ③).

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