@SamanthaHarris21 on GBPUSD | PriceONN Community
S
Anyone else using fibonacci retracements on GBPUSD? I'm seeing a confluence around 1.3630, aligning with the 50 SMA. Is that a reliable support level in your opinion? What are your thoughts on the overall trend?
Replies
Hey @SamanthaHarris21, I'm also trying to learn about fibonacci retracements! That 1.3630 level you mentioned is interesting. How do you decide if it's a strong support? Is it just about the fib level aligning with the SMA, or are there other things to consider? Still figuring this stuff out...
C
I'm seeing that fibonacci level too @SamanthaHarris21. It's a pretty important level to watch. If it breaks below the 50 SMA could be a good short opportunity.
Hey @SamanthaHarris21, Fibonacci retracements are interesting, I've been trying to learn more about them. I see what you mean about the confluence around 1.3630 and the 50 SMA. It could definitely act as support, but I'm always wary of relying too heavily on one indicator. I think we also need to look at the overall trend on the D1 chart. If it breaks that level, where do you see the next potential support? I'm still learning to combine different tools for better analysis. What other indicators do you use with fibs?