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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 broke support zone

  • GBP/CAD broke support zone
  • Next sell target - 1.7600

GBP/CAD recently broke sharply through the support zone lying between the support levels 1.8220 and 1.8110. This support zone earlier stopped and reversed multiple previous waves - 3, 5, (B) and (1), as can be seen from the daily GBP/CAD chart below. The latest breakout of this support zone is set to further accelerate the active intermediate impulse wave (3) – which belongs to the primary impulse wave ③ from the end of May.

GBP/CAD is likely to fall further to the next sell target at the support level 1.7600. Strong resistance area now stands between the aforementioned price levels 1.8220 and 1.8110.

 

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