fibonacci set-ups in the gbp

Paddington

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Here is a chart I was watching yesterday. GBP seems to be reacting to a cluster of 1.618, 0.382 and 0.500. It is in overbought territory and I know several people here have been shorting. Always like it when a chart reacts nicely to a cluster.
 

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Here is a chart I was watching yesterday. GBP seems to be reacting to a cluster of 1.618, 0.382 and 0.500. It is in overbought territory and I know several people here have been shorting. Always like it when a chart reacts nicely to a cluster.

I was posting about the same thing on another thread, although missed the 1.618extension fib as only really use the retracements. the area also had Dly R2 pivot 6082 y/day. Fib clusters can be a great area at which to look for a trigger to enter the market, and more generally the more confluence the better whether that be fib clusters or other factors that may cause supp/res like price pivots or t/lines.
 
Here is a chart I was watching yesterday. GBP seems to be reacting to a cluster of 1.618, 0.382 and 0.500. It is in overbought territory and I know several people here have been shorting. Always like it when a chart reacts nicely to a cluster.

By the way, I can't tell from your screenshot, what move was the 1.618% fib extension of?? thanks.
 
By the way, I can't tell from your screenshot, what move was the 1.618% fib extension of?? thanks.

move from the Jan 23 low to Feb 9th high applied to the low on 11th March. Zoom in on this one to help
 

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just looked on the posted chart and still can't see it that well, hopefully well enough with the points. The orange abc line up is the one.

Broadly the mlt after the bottom went up in an a or 1 down in an abc b or 2 and now up in a EW 3rd or C. Internal wave structure pretty crappy though but overall the fib is a big cluster (one expansion and two retracements). Today would be 89 trading days from the bottom and yesterday was 55 trading days from the rretest bottom so I would say today+/- a day would be a good time for a turn from a fib time perspective but I am far from an expert on fib time.

60 min rsi was also divergent on the last high although it didn't flash an amazing sig on that.

As you said just a few things together
 
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