@blackhawk622 on GBPUSD | PriceONN Community

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blackhawk622 PRO newbie
GBPUSD Mar 12
Be careful longing GBPUSD here. With the price testing the 200 SMA around 1.3375, it might seem like a good support level, but the overall trend is still bearish. We could be seeing a bear flag forming, and a break below this level could lead to a sharp drop. Watch out for a potential bull trap.
GBPUSD

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blackhawk622 PRO newbie Mar 12
And considering the news about rising oil prices and its impact on risk aversion, it's possible that investors will continue to flock to the US dollar as a safe haven, putting further pressure on GBPUSD. The RSI is also still below 50, which confirms the bearish momentum. I'd wait for a clear breakout or breakdown before entering any positions. A confirmed break below 1.337 could signal a good short entry, with a tight stop loss above the 200 SMA. Keep an eye on volume too, an increase in selling volume would confirm the breakdown.
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