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Gbp fall has been halted by 20 SMA in 4 hours charts, still with a nice bullish slope. Indicators are quite bearish, but pair needs to break that MA to accelerate to the downside. Failure there will keep the pair consolidating with first strong resistance around 1.6470. Above this level, again we will run up, with next resistances at 1.6510 and 1.6590 zone. To the downside, pair has a nasty congestion zone between between 1.6345 and 1.6380, so only under 1.6345 the pair could accelerate to the downside with next supports at 1.6306 and the key 1.6250 zone.
Hi Valeria how r u ?
you know valeria i am studing on elliot wave theory and febonnaci retracement but one thing is always confusing me that from which price i should take high and low price cause there are many high low price periods and where febonnaci ratio works well on chart, is it 4hours ,1day ,weekly.pls recommend me which chart i should use for trading better and pls clear all these thing thx.
Regards
Arun Kandyal
Hi Arum! sorry for not answering quickier. The idea of ussing Fibonacci, is to search relative max and min, in rallyes with no correction. I tend to place them in 4 hours charts. Daily and weekly Fibos are important too. But try to search a rally with no important retracement in the midle. I have to made an educational post. Let’s see if I can prepare some of Fibo!
Regards
Val