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/USD: sell target - 1.3800

By: Dmitriy Chernovolov

  • GBP/USD reached sell target 1.4100
  • Next sell target - 1.3800

GBP/USD recently fell sharply – after the earlier breakout of the support level 1.4100 (low of the previous minor impulse wave from January), which was set as the sell target for this currency pair. The breakout of the support level 1.4100 accelerated the active minor impulse wave 5, which belongs to the intermediate downward impulse wave (3) from the middle of October.

Considering the accelerating downward Momentum - GBP/USD is likely to fall further in the active impulse waves 5 and (3) toward the next sell target at the support level 1.3800 (target price for the termination of the active intermediate impulse wave (3)). Strong resistance now stands at 1.4100.

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