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 broke resistance zone

By: Dmitriy Chernovolov

  • GBP/USD broke resistance zone
  • Next buytarget - 1.4800

GBP/USD continues to rise following the earlier breakout of the resistance zone lying between the resistance level 1.4650 (which stopped the previous intermediate ABC correction (4) at the start of February, as you can see below) and the 50% Fibonacci correction of the previous downward impulse wave from last November. The breakout of this resistance zone accelerated the active impulse wave 3 – which belongs to the intermediate impulse wave (C) from the start of April.

GBP/USD is likely to rise further to the next buy target at the resistance level 1.4800 (target price calculated for the termination of the active impulse wave 3).

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