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 falling inside impulse wave 3

  • GBP/USD falling inside impulse wave 3
  • Next sell target - 1.4000

GBP/USD continues to fall inside the minor impulse wave 3, which belongs to the intermediate impulse wave (3) from the end of May. Both of the active impulse waves stared earlier – when the pair reversed down from the resistance zone lying between the resistance levels 1.4750 and 1.4660, as can be seen from the daily GBP/USD chart below.  The price earlier broke through the support level 1.4350 (which stopped the previous intermediate impulse wave (1)).

GBP/USD is likely to fall further to the next sell target at the support level 1.4000 (which reversed the earlier intermediate (B)–wave in April).


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