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#482 (permalink)

10-12-2008, 11:43 PM

Gregory McLeod Gregory McLeod is offline

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GBP/JPY Sept Rally Stopped at 38.2% Fibo opens up 134.00

It never ceases to amaze me how prices pivot and change direction at Fibonacci levels. Whether one believes in some mathematical phenomenon or or just a self fulfilling prophecy. GBP/JPY rallies up to the 38.2% retracement only to be turned around. Usually, when prices change direction at the 38.2% level, the extention move may exceed the 1.618 level of 165.34 to the 2.618 level. In the case of the GBP/JPY, price could reach 134.12 after a break of the 165.73 support level.

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Last edited by Gregory McLeod; 10-17-2008 at 12:07 AM.. Reason: spelling error

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