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 corrected from round support level 1.4000

  • GBP/USD corrected from round support level 1.4000
  • Next buy target - 1.4350

GBP/USD recently corrected up sharply from the support zone near the round support level 1.4000 (which stopped the (B)-wave of the previous primary ABC correction ② from the end of February and which was set as the sell target in our previous forecast for this currency pair). The upward reversal from this support zone stopped the earlier impulse waves 3 and (3) – which belongs to the primary impulse wave ③ from the start of May.

GBP/USD is likely to rise further to the next buy target at the nearby resistance level 1.4350 (former strong support level which reversed earlier waves (1) and 1).

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