GBPUSD daily setup w/ Fibonacci retracement
Hey Guys,
So we see that the general trend is upwards and is channeling. There are possible zones of support and resistance indicated by the Fibonacci retracement areas.
Although we see a clear upwards trend, I think that upon reaching the blue line (the highest resistance in past months (you might see what I mean if you scroll left)), we may very well see the price bounce and start a downwards trend.
What do you think?
So we see that the general trend is upwards and is channeling. There are possible zones of support and resistance indicated by the Fibonacci retracement areas.
Although we see a clear upwards trend, I think that upon reaching the blue line (the highest resistance in past months (you might see what I mean if you scroll left)), we may very well see the price bounce and start a downwards trend.
What do you think?