GBPUSD: Fibonacci Retracement

GBPUSD, H2

On the H2 chart, GBPUSD tests the crucial 1.2770 resistance level, aligned with the golden Fibonacci ratio. The MFI and RSI oscillators indicate overbought conditions for the asset, potentially signaling a decline.

If the price rebounds from this resistance, it may fall to the 1.2700 level;
However, if it breaches above golden Fibonacci ratio, it could propel the asset to 1.2800.

Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Author: Timur Yurdagyul

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