GBPUSD - Why it is NOW time for a deep Retracement?
Updated
Hi Traders!
The market is in a strong Uptrend.
As you can see the market climbed way up high in the last days.
It started the "journy" at the Support at 1.22000.
Now it reached the high at 1.27300.
This is around 525 pips!
Now it is time for a deep Retracement.
That's why we took out the Fibonacci Tool to identify the next Winning Zone.
We have to consider that it is in a strong Uptrend, so it probably won't reach the 61.8% Level.
The perfect Zone is between:
Why it is NOW time for a Retracement?
As you can see we here have three confirmation:
We recommend to trade the Breakout of the Trendline to avoid false signals!
Thanks and successful Trading :)!
The market is in a strong Uptrend.
As you can see the market climbed way up high in the last days.
It started the "journy" at the Support at 1.22000.
Now it reached the high at 1.27300.
This is around 525 pips!
Now it is time for a deep Retracement.
That's why we took out the Fibonacci Tool to identify the next Winning Zone.
We have to consider that it is in a strong Uptrend, so it probably won't reach the 61.8% Level.
The perfect Zone is between:
- 38.2% Fibonacci Retracement and
- 50.0% Fibonacci Retracement.
Why it is NOW time for a Retracement?
As you can see we here have three confirmation:
- MACD made a bearish crossover (first red bar),
- Stochastic in Overbought-Stage and
- Stochastic bearish crossover.
We recommend to trade the Breakout of the Trendline to avoid false signals!
Thanks and successful Trading :)!
Note
You were waiting for the RED BOX, here is it:
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.