@SophieJackson on GBPUSD | PriceONN Community
Morning all. Watching GBPUSD tick over here in Sydney. Not much happening overnight, still hovering around that 1.3530 pivot. I'm seeing a few small doji candles on the H1 chart, which usually signals indecision. Could be building up for something, but liquidity is thin so I'm not chasing anything yet. Waiting for a clear break above the 20 SMA around 1.3542.
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Also looking at the Bollinger Bands on the H4, they're squeezed pretty tight around the current price of 1.3534. This often precedes a sharp move, but without volume, it's hard to say which way. I'd be looking for a confirmed close above the upper band at 1.3558 for a bullish bias, or below the lower band near 1.3510 for bearish confirmation. For now, it's just range trading between S1 and R1.
Yeah, exactly. Those dojis just confirm the lack of conviction. Hoping we get some action later today once London opens up.
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Hi @SophieJackson, interesting observations about the dojis and Bollinger Bands. I'm also watching this pair closely from Sydney. It feels like we're stuck in no-man's-land right now, and that uncertainty is making me a bit nervous, especially with open positions. That Eurozone GDP miss yesterday really caught my eye; it's concerning for overall market stability, and I'd have thought it would weaken the pound more against the dollar by now. I'm hoping for some clearer signals once London trading really gets going, but honestly, I might just close my trades before bed if it doesn't move decisively. This sideways chop is making my head spin.
Totally agree @SophieJackson, those dojis are screaming indecision. It's like the market can't make up its mind. With the Bollinger Bands squeezed like you mentioned, I'm expecting a move, but the lack of volume is making me hesitant to jump in. Gotta wait for London to wake up and bring some action.