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 – 1.8400

By: Dmitriy Chernovolov

  • GBP/CAD reached sell targets 1.8800 and 1.8660
  • Next sell target – 1.8400

GBP/CAD recently broke sharply through the support levels 1.8800 and 1.8660 (low of the previous minor impulse wave (i)) - both of which were set as the sell targets in our previous forecast for this currency pair. The breakout of these support levels accelerated the active minor impulse wave 3 – which belongs to the sharp intermediate (C)-wave from the middle of December.

GBP/CAD is likely to fall further toward the next sell target at the support level 1.8400 (target price for the termination of the active minor impulse sub-wave (iii)). Sell stop-loss can be placed above the recently broken price level 1.8660.

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