@DavidGarcia on GBPUSD | PriceONN Community
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So, I've been playing around with some fibonacci retracements on the daily chart for GBPUSD, and I'm seeing some potential support around the 1.3580 level, which lines up pretty well with the 61.8% retracement. If it breaks that, then we could be headed down to 1.3500 pretty quickly. On the flip side, if it can hold above 1.3650 and break through that resistance, we might see a run up to 1.3700. I'm thinking of setting up a straddle trade to capitalize on either direction. Thoughts on this setup? Am I missing something obvious?
Replies
@DavidGarcia, that's an interesting point about the Fibonacci retracement. I'm still learning how to use those properly, but it's helpful to know where potential support levels might be. I'm a bit nervous about a big drop though. What would be a good stop-loss level if it breaks 1.3580?