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 targets - 1.8800 and 1.8660

By: Dmitriy Chernovolov

  • GBP/CAD completed minor ABC correction 4
  • Next sell targets - 1.8800 and 1.8660

GBP/CAD continues to fall after the earlier sharp downward reversal from the resistance zone lying at the intersection of the following resistance levels: the former support trendline of the wide weekly up channel from November of 2014 (acting as resistance now after it was broken by the previous minor impulse wave 3), resistance level 1.9200 and the 50% Fibonacci correction of the earlier downward impulse from February.

The downward reversal from the aforementioned resistance zone completed the previous minor ABC correction 4. GBP/CAD is likely to fall further toward the next sell targets at the support levels 1.8800 and 1.8660 (low of impulse 3).

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