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 broke resistance level 1.9050

  • GBP/CAD broke resistance level 1.9050
  • Next buy target - 1.9400

GBP/CAD recently broke through the resistance level 1.9050 (which reversed the previous minor ABC correction (iv) in March, as can be seen below). The breakout of the resistance level 1.9050 continues the active minor impulse wave 3, which belongs to the intermediate impulse wave (3) - which earlier broke the resistance trendline of the daily down channel from January (which intensified the bullish pressure on this currency pair).

The pair is expected to rise further in the active impulse waves 3 and (3) toward the next buy target at the resistance level 1.9400 (target price calculated for the completion of the active minor impulse wave 3).


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