GBP/USD - Closes-in on 23.6% Fibo as anticipated

FX:GBPUSD   British Pound / U.S. Dollar
Resistance – 1.3567 (23.6% of 1.5019-1.3119), 1.36, 1.3660

Support – 1.3419, 1.3309 (hourly 50-MA), 1.3296-1.3274

  • Pair’s rebound from the hourly 50-MA has reinforced our view that it could be heading to 1.3567 (23.6% of 1.5019-1.3119).
  • A day end closing above the same would add credence to the technical correction and indicate a short-term bottom is in place at 1.3119. The pair then could eye 38.2% 1.3848, which is usually the case each time 23.6% Fibo is breached.
  • On the lower side, bulls need to watch out for an hourly closing below hourly 50-MA (now seen at) 1.3309, in which case a re-test of 1.3296-1.32 appears likely.
hourly timeframe?
TipTVFinance LucaMoretto
Yes its hourly timeframe
LucaMoretto TipTVFinance
RSI periods plz?
TipTVFinance LucaMoretto
everything hourly.. RSI too
LucaMoretto LucaMoretto
i use 14. ...
TipTVFinance LucaMoretto
Yes I use 14 as well
TipTVFinance LucaMoretto
I dont believe in messing with indicator periods. ultimately indicator will only follow price.
LucaMoretto TipTVFinance
I prefer Fibonacci like a reference point. u agree?
TipTVFinance LucaMoretto
Ofcourse I agree.. absolutely Fibos are my main focal point, always
TipTVFinance LucaMoretto
Most of the City chart analysts on our show always talk about key Fibo levels. Fibs are heavily followed
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