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 - 1.4100

By: Dmitriy Chernovolov

  • GBP/USD reversed from resistance level 1.4500
  • Next sell target - 1.4100

GBP/USD continues to fall after the price earlier reversed down from the resistance level 1.4500, which is the lower boundary of the resistance zone located between price levels 1.4500 and 1.4640. This resistance zone was further strengthened by the upper daily Bollinger Band and by the 50% Fibonacci correction of the previous downward impulse from last December, as can be seen below.

The downward reversal from the resistance level 1.4500 completed the preceding intermediate ABC correction (2).GBP/USD is likely to fall further in the active impulse waves (3) and ③ toward the next sell target at the support level 1.4100.

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