@dwilliams207 on GBPUSD | PriceONN Community

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dwilliams207 PRO newbie
GBPUSD Feb 16
Is anyone using fibonacci retracements to gauge potential support levels for GBPUSD? I'm seeing confluence around the 1.3630 area, aligning with the 50 SMA. Might be a good spot to watch for a bounce. What are your thoughts on using fibs in the current market conditions?
GBPUSD

Replies (2)

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dwilliams207 PRO newbie Feb 16
Update: I've noticed the RSI is currently neutral, hovering around 57. This suggests that the market isn't overbought or oversold, providing some room for potential movement in either direction. However, the recent bullish trend coupled with the upcoming R1 pivot at 1.36558 is making me lean slightly bullish. I'm thinking of entering a small long position if we see a clear break above 1.3650 and holding for a short-term target around 1.3670. SL placed just below the 20 SMA at 1.3640 to minimize risk. Any feedback is appreciated!
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vikrant00 PRO newbie Feb 24
Interesting point about Fibonacci retracements, @dwilliams207. I've been meaning to learn more about them. Is it really that simple? Just find the fib levels and wait for a bounce? 1.3630 does seem like a key area with the 50 SMA there too. I'm always a bit skeptical about relying too much on one indicator, but confluence is a good sign, right? Maybe I'll try plotting some fibs on my chart and see what I can see. Thnx for the tip!
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