My first time using the Fibonacci Retracement strategy, this is just a test to see if my technical analysis has worked so please do not copy my trade or follow my analysis as i am still a beginner. There is a clear downtrend and retracement straight after which is why i have used this technical analysis. We can also presume that the currency pair GBPUSD will continue its downtrend as there has been a lot of news on Brexit lately which is a clear indicator that the British Pound will continue its downfall. I have took into account both the fundamental and technical aspects so i am hoping this analysis works. (Don't use this crappy piece of analysis as it's likely to be wrong. I know you're not usually supposed to use Fib retracement by itself although i have not learnt how to pair it up with other strategies as of yet.)
Comment:
I have realised there isn't a clear movement in trend as the chart is moving sideways. This makes it hard to see if there is retracement (which clearly there isn't) and my analysis is completely wrong.