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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/USD reversed from resistance zone

  • GBP/USD reversed from resistance zone
  • Next sell target - 1.3000

GBP/USD continues to fall inside the minor impulse wave 3 – which started earlier – when the pair reversed down from the resistance zone lying between the resistance level 1.3400 (which also earlier reversed the price sharply in June) and the 38.2% Fibonacci correction of the previous sharp downward impulse from the middle of June. The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Dark Cloud Cover.

GBP/USD is likely to fall further in the active impulse waves (3) and 3 toward the next sell target at the round support level 1.3000.

 

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