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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/CAD reached sell target 1.8200

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

GBP/CAD recently reversed up from the support zone lying between the support levels 1.8110 (which stopped the earlier impulse waves 3 and (5) in April, as can be seen from the daily GBP/CAD chart below) and 1.8200 (previous sell target set in our earlier forecast for this currency pair). This support zone was strengthened by the lower daily Bollinger Band.

Given the oversold reading on the daily Stochastic indicator - GBP/CAD can be expected to correct up further in the active minor correction 4 toward the next buy target at the resistance level 1.8500 (38.2% Fibonacci correction of the previous downward impulse wave from May).

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