GBPJPY a test of the 50% Fibonacci level 🦐
The GBP/JPY currency pair, on the 4-hour timeframe, is currently trading within a range between the recent low and the daily 50% Fibonacci level.
The market saw a drop from its previous high, but it has now stabilized within this range.
This range-bound behavior can indicate indecision among market participants and a potential lack of clear direction. Traders may be watching key technical levels, such as the 50% Fibonacci level and the recent low, for signs of a potential break out.
The price is also testing the 50% of the range and in the event of a break above the 50% Fibonacci level, it could indicate bullish momentum and a potential rise in price. On the other hand, according to Plancton's strategy a break below the recent low could signal bearish momentum and a potential decrease in price.
The market saw a drop from its previous high, but it has now stabilized within this range.
This range-bound behavior can indicate indecision among market participants and a potential lack of clear direction. Traders may be watching key technical levels, such as the 50% Fibonacci level and the recent low, for signs of a potential break out.
The price is also testing the 50% of the range and in the event of a break above the 50% Fibonacci level, it could indicate bullish momentum and a potential rise in price. On the other hand, according to Plancton's strategy a break below the recent low could signal bearish momentum and a potential decrease in price.
Comment:
drop to the 0.618 Fibonacci as expected
Comment:
drop as expected