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 reversed from resistance level 1.4500

By: Dmitriy Chernovolov

  • GBP/USD reversed from resistance level 1.4500
  • Next sell target - 1.4350

GBP/USD recently reversed down from the pivotal resistance level 1.4500 (which also previously stopped the earlier minor correction 2, as can be seen below). The downward reversal from this resistance level created the daily Japanese candlesticks reversal pattern Falling Star – which signaled the intensification of the downward pressure on this currency pair.

GBP/USD is likely to fall further in the active minor impulse wave 3 (which belongs to the intermediate impulse wave (3) from the start of May) toward the next sell target at the support level 1.4350 (which reversed the price with the daily Bullish Engulfing candlestick pattern earlier this month).

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