FX.co ★ dusty24 | GBP/USD

Market situation for GBPUSD. Comparing the current market price of 1.37537 with yesterday, when I set up a Fibonacci grid. Aligning the high with the Fibonacci level of 100% (1.38473), and the low with 0% Fibonacci (1.37413). I observe quotes ranging from 0% (1.37413) to 50% (1.37943). My technical analysis indicates strong levels in this range: 23.6% (1.37663), 38.2% (1.37818), complemented by the 50% level (1.37943) from which to look for a selling entry point. By utilizing all these levels, a grid trading method can be applied. Another option is to wait for a pullback to the 50% level (1.37943) and enter with a standard lot, without scaling in. Above the selling range, specifically the 50% level (1.37943), selling should be paused. It is permissible to switch to buying after a pullback from the broken 50% level (1.37943). I hold onto the sales until the Fibonacci levels of -23.6% (1.37163) and -38.2% (1.37008), at which point I close positions fully or partially. I consider this area as a price exhaustion zone, where a reversal may occur. Typically, daily volatility is absorbed in this area, followed by a pullback.