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 reached buy target 1.4350

  • GBP/USD reached buy target 1.4350
  • Next buy target - 1.4750

GBP/USD opened this week with the sharp upward gap – which broke through the resistance level 1.4350, which was set as the buy target in our previous forecast for this currency pair. The breakout of this resistance level is likely to accelerate the active intermediate impulse wave (3) – which started earlier – when the pair reversed up from the support zone surrounding the strong support level 1.4000.

GBP/USD is currently trading close to the resistance level 1.4650 (lower boundary of the strong resistance area which has been reversing the price from February). If the pair breaks above 1.4650 - GBP/USD can then rise to the next resistance level 1.4750 (which stopped previous waves (1) and B).

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