@harryclarke on GBPUSD | PriceONN Community

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harryclarke PRO newbie
GBPUSD Feb 18
I'm trying to understand how to best use pivot points in my trading strategy. With GBPUSD currently around 1.3562, it's just below the daily pivot point of 1.3565. Does this suggest it will act as resistance? And if it breaks through, would R1 at 1.3565 be the next likely target? Also, how reliable are pivot points compared to, say, Fibonacci retracement levels? Any advice or resources would be greatly appreciated. I'm still learning the ropes, and trying to find the best tools for my scalping strategy. Thnk you.
GBPUSD

Replies (1)

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olusegunoluwole87 PRO newbie Feb 19
Harry, pivot points can be useful, but they shouldn't be used in isolation. Your understanding is correct; the pivot point can act as resistance, and R1 would be the next target if it breaks through. However, consider the confluence of other indicators. Is there a Fibonacci level nearby? What does the RSI tell you? Also, be aware of the economic calendar; major news events can override technical levels. How reliable? It varies, tbh. Good risk management is more important than perfect pivot point accuracy.
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