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GBPUSD pulls back to yet another Fibonacci


Guest JoshM

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Guest JoshM

GBPUSD has been utilising the Fibonacci retracements in a very consistant manner over the past week. So far, we have seen price pull back to the 76.4% level (inverse of 23.6%). Given the uptrend in place since the start of the month, will we see another break back higher from the fibonaccis? 

 

Interestingly, it will give you around a 3/1 risk to reward ratio for a move back to Friday's 1.4249 high.

 

GBPUSD.png

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Guest fibking

the gbp/usd is in terminal decline and should be sold on bounces like this.i have been short since 1.50 area and have added on the way down the fact that usd has had weakness of late yet has still maintained some strength against the gbp is telling.when usd strength returns the gbp will get pummeled.look at the gbp against all other currencies its not doing well at all.please look for shorts not longs.

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Guest JoshM

I agree that the sellers are likely to return soon enough. But how you trade it depends on the length of time you hold for really. Has provided a relatively consistent intraday uptrend of late, so I dont mind taking a short term position for a continuation of that rally. However, this pullback certainly has the look of something a little different given the inability to break higher on two times of asking now. I take my trades at the 76.4% which hasnt been hit on this occasion so no position for me right now.

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I agree with the long term trend assessment down but if you like to swing trade then now is a good time to chance a long.  I believe we have had an A-B (Elliot Wave) and now begin a Wc up, which could run for a decent few pips before turning down again to complete the long term motive wave down.  At his point the trend will no longer be your friend and we will have to assess likely GBP bottom.  Interestingly, unlike some others, I completely ignored the budget statement as I don't think it is relevant.  The bounce today came at the always popular 62% Fib regardless of the budget this was my swing target.  But will this hold or will there be another leg down before Wc?

 

I'm Long at 14080 targeting the Fib 38% at 14500ish before reversing into a Short.  my stop is wide to account for another possible leg down before the rally.

 

here is the chart:



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  • 2 months later...
Guest Tomaz

Hi Fibking,

I've just joined the community , but does'nt look like there's much going on here.

Can you please direct me to a place where you are more active. I'd like to here more of what you have to say about these hectic times towards the EU refferendum.

 

Tomaz

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