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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/USD reversed from strong resistance zone

  • GBP/USD reversed from strong resistance zone
  • Next sell target - 1.4500

GBP/USD recently reversed down from the strong resistance zone lying between the resistance levels 1.4750 and 1.4650 (which has been reversing this currency pair from the start of February, as can be seen below). This resistance zone was strengthened by the upper daily Bollinger Band and by the 50% Fibonacci correction of the previous sharp downward impulse from November of 2015. The downward reversal from this resistance zone completed the previous minor correction 2.

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. GBP/USD is likely to fall further to the next sell target at the support level 1.4500.

 

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