Pulled up my fibs on $GBPUSD. From the recent swing high to low, the 0.618 retracement level comes in right around 1.3250. We're currently at 1.32431. This could be a good zone to watch for resistance if the uptrend continues, or a nice retest for further upside.
I'm seeing something similar on my charts. That 1.3250 area really stands out as a potential turning point. Are you also watching for any divergence on the lower timeframes around there?
Interesting observation. While 0.618 is a key level, I'd be cautious about solely relying on Fibs without considering other technical factors like moving averages or volume trends. What else are you seeing that supports this zone?
I tend to find the 0.50 level more reliable for retracements on FX pairs, especially with the current volatility. Are you using a specific swing to determine your high and low points, or a more general range?
Good call on that Fib level. It's definitely a strong area of confluence with some previous price action I'm seeing. Could be a good scalp opportunity if it holds.