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 reached sell target 1.8500

  • GBP/CAD reached sell target 1.8500
  • Next sell target - 1.8200

GBP/CAD recently broke below the support level 1.8500 (low of the previous minor correction 4), which was set as the sell target in our previous forecast for this currency pair. The price earlier reversed down sharply with the daily Japanese candlesticks reversal pattern Falling Star from the resistance zone lying between the resistance level 1.8800 and the 38.2% Fibonacci correction of the previous sharp downward impulse wave from the end of May.

GBP/CAD is likely to fall down to the next sell target at the support level 1.8200. Sell stop-loss can be placed above the aforementioned resistance level 1.8800.

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