GBP/USD Trading Signals with the Fibonacci Magic
Fibonacci Retracement:
According to Fibonacci retracement, GBP/USD's last stop is a 50.00% retracement level. Currently, it's trading nearby a 23.60% retracement level.
The day traders can jump for the 38.20% retracement level but, there's a strong support trendline between the 23.60% to 38.20% range. How to play now? Use the following strategy to walk safely:
You can initiate a new short position at 'possible entry point' or use it as a hurdle. Clear your position at a strong support trendline to make a safe trade. It will help you to get a higher probability of success.
A strong sell signal will come after a breakdown of the 38.20% retracement level for the target of 1.12446 (50.00%).
GBPUSD is struggling to recapture a positive momentum. Fibonacci retracement may fail here because of the crossover of 50 & 200 MA, and strong support is ahead. That time, go with the flow. Here, flow is a strong support trendline. Accurately, if GBP/USD crossover the 1.3060, it will fly from there. And that will be for 1.3240 - 1.3400 levels.
- Swing Low - 1.14098
- Swing High - 1.34832
According to Fibonacci retracement, GBP/USD's last stop is a 50.00% retracement level. Currently, it's trading nearby a 23.60% retracement level.
The day traders can jump for the 38.20% retracement level but, there's a strong support trendline between the 23.60% to 38.20% range. How to play now? Use the following strategy to walk safely:
You can initiate a new short position at 'possible entry point' or use it as a hurdle. Clear your position at a strong support trendline to make a safe trade. It will help you to get a higher probability of success.
A strong sell signal will come after a breakdown of the 38.20% retracement level for the target of 1.12446 (50.00%).
GBPUSD is struggling to recapture a positive momentum. Fibonacci retracement may fail here because of the crossover of 50 & 200 MA, and strong support is ahead. That time, go with the flow. Here, flow is a strong support trendline. Accurately, if GBP/USD crossover the 1.3060, it will fly from there. And that will be for 1.3240 - 1.3400 levels.