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Mr. Fibonacci (whose real name is Leonardo Pisano Bigollo) has been holding many currency pairs from further drops all by himself. It turns out although his dad called him Bigollo (which means good-for-nothing) he actually is pretty awesome. Here is Fibonacci Retracement trading strategy for British Pound, Aussie Dollar and Swiss Franc major pairs.
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A lot of traders are chasing after Mr. British Pound this week with 7 top tier economic events out of the UK so we’re obviously going to start today’s technical analysis with GBP/USD who started a rebound above the 50% Fibonacci level after making us pips on its down moves.
To give a a brief overview on the pair’s dancing moves, Mr. British Pound and Ms. USA were are a general up-trend since Jun 2013 which continued until June 2014, and that is when as predicted by myself, the market topped out and we saw a drops towards the 50% Fibonacci level. If you have graduated our education program, you probably know that more often than not this level is pretty important and could be a make-or-break level for GBP/USD. By the end of this week and after the Scottish Independence Vote on Thursday we could probably figure out if the 50% Fibonacci level will hold the GBP/USD price from further drops or not. So, as far as long-term traders are concerned, stay tuned!!
GBP/USD pair
AUD/USD pair
USD/CHF pair
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Invest Diva Likes: Long positions above 107.36 with targets at 107.50 and 108 in extension.
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