The 30-minute chart for GBP/USD showcases a potential shorting opportunity as the pair reaches the culmination of a five-wave Elliott Wave sequence. With the completion of wave (5), a corrective phase appears imminent.
Key Fibonacci Retracement Levels to Watch:
0.184 Retracement: 1.29430
0.382 Retracement: 1.29079
0.5 Retracement: 1.28870
0.618 Retracement: 1.28661
The chart suggests that GBP/USD is set to pull back towards these critical Fibonacci levels, offering potential entry points for short positions. The 0.382 and 0.5 levels present particularly strong support zones, where traders might anticipate a price reaction.
This setup provides a strategic approach for short trades, with well-defined targets and stop-loss levels to mitigate risk. Keep a close eye on how the price action unfolds around these Fibonacci levels to optimize entry and exit points.
Key Fibonacci Retracement Levels to Watch:
0.184 Retracement: 1.29430
0.382 Retracement: 1.29079
0.5 Retracement: 1.28870
0.618 Retracement: 1.28661
The chart suggests that GBP/USD is set to pull back towards these critical Fibonacci levels, offering potential entry points for short positions. The 0.382 and 0.5 levels present particularly strong support zones, where traders might anticipate a price reaction.
This setup provides a strategic approach for short trades, with well-defined targets and stop-loss levels to mitigate risk. Keep a close eye on how the price action unfolds around these Fibonacci levels to optimize entry and exit points.
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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.
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.