• Dec 2, 2024
  • Trade ideas

GBPUSD: Fibonacci Retracement

GBPUSD, H4

GBPUSDH4.png

GBPUSD is in the rise and faces the 1.2700 support level, aligned with the 38.2 Fibonacci ratio.
The MACD histogram crosses the signal line downwards and the 100-MA gives the extra resistance for the asset, giving a pressure for the asset.

  • If the price breaks above the 38.2 Fibonacci, it will trigger a rise to 1.2840 resistance.
  • However, breaching below the 1.2700 support will drop the asset the the 1.2500 level.
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Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Author: Timur Yurdagyul