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 - 1.8900

By: Dmitriy Chernovolov

  • GBP/CAD reached sell target 1.9200
  • Next sell target - 1.8900

GBP/CAD recently broke sharply below the support level 1.9200, which was set as the sell target in our previous forecast for this currency pair. The breakout of this support level is likely to accelerate the active intermediate impulse wave (3), which belongs to the primary impulse wave ⑤, which is a part of the long-term downward impulse wave III from last December.

GBP/CAD is likely to fall further in the direction of the next sell target at the support level 1.8900 (which reversed the price in June of 2015 and which is the forecast price calculated for the termination of the active impulse wave ⑤).

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