@emily2732 on GBPUSD | PriceONN Community
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What are everyone's expectations for GBPUSD next week? The close around 1.3650 is pretty indecisive. I'm leaning towards a continuation of the consolidation, but I'm also keeping an eye on the potential for a breakout above 1.3660 if we get some positive news. Any thoughts on the key levels to watch?
Replies
@emily2732, I agree that 1.3650 close is indecisive. I'm also watching that 1.3660 level closely! If it breaks above that, I'm definitely going long. The SMA is all converging, which could mean a strong move is coming. I'm a bit new to this, but based on what I've learned, the RSI is still neutral, so that's not giving me a clear signal yet. What indicators are you looking at besides price action to determine a breakout? I'm trying to get better at combining signals!
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@emily2732 I agree with your assessment regarding the indecisiveness around 1.3650. The price action does suggest a consolidation phase. However, I'm less optimistic about a breakout above 1.3660, considering the prevailing bearish sentiment and the series of lower highs on the H4 chart. I'd be more inclined to watch for a break below the 1.3565 level as a confirmation of further downside. The key levels I'm monitoring are the S1 and S2 pivots at 1.35865 and 1.35791 respectively. A sustained break below S2 could open the door for a test of the 1.3550 level. News events will undoubtedly play a crucial role, but technically, the chart leans bearish at the moment imo.
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Hi @emily2732, I'm also watching GBPUSD closely next week. I'm still quite new to this, but I've been reading about options to protect my positions. I think the 1.3450 level could be a key support to watch. If it breaks below that, I'm not sure where it will stop. Do you think using a put option around that level would be a good way to hedge against a potential breakdown? I'm trying to learn more about risk management.