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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 reversed from resistance level 1.8800

By: Dmitriy Chernovolov

  • GBP/CAD reversed from resistance level 1.8800
  • Next sell target - 1.8400

GBP/CAD recently reversed down from the resistance zone lying between the resistance level 1.8800, upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous minor impulse wave 3 from the middle of March. The downward reversal from this resistance zone stopped the c-wave of the previous minor ABC correction 4 from the end of April. This corrective wave belongs to the sharp intermediate impulse wave (C) from last December.

GBP/CAD is likely to fall further to the next sell target at the support level 1.8400 (former resistance level from April). Sell stop-loss can be placed above the aforementioned resistance level 1.8800.

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