FX.co ★ dusty24 | GBP/USD

Hello traders, Analyzing the movement of GBPUSD using Fibonacci levels. I have several trading scenarios based on the price action of this currency pair. Scenario (A) - the main one, indicates selling opportunities as the current price at 1.34108 is located between 0% (1.34150) and -50% (1.33671), suggesting selling pressure. The fact that 0% (1.34150) corresponds to the previous day's Daily low reinforces the selling bias. I will sell towards the -76.4% level (1.33418) where I will take profit, adding to my gains. Scenario (B) - completely opposite to scenario (A). If the market moves above the range of 0% (1.34150) and -50% (1.33671), it invalidates the selling thesis, making it not only unattractive but also risky. In this case, I will consider looking for buying opportunities. Once I confirm the market has broken out of the range, I will buy on a pullback towards 0% (1.34150) targeting the 50% level (1.34629) to partially close my position and break even before aiming for the 100% level (1.35108).