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 - 1.8600

By: Dmitriy Chernovolov

  • GBP/CAD reached sell target 1.8900
  • Next sell target - 1.8600

GBP/CAD has been falling sharply in the last few trading sessions inside the 3rd intermediate impulse wave (3) – which previously broke through the support level 1.8900, which was set as the sell target in our previous forecast for this currency pair. The breakout of this support level is likely to further accelerate the active impulse waves (3) and ⑤ - which belong to the extended primary downward impulse wave III from last December.

With the daily Momentum recently reaching new multi-month lows - GBP/CAD is likely to extend its losses toward the next sell target at the support level 1.8600 (forecast price for the termination of the active impulse wave (3)).

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