@oJones67 on GBPUSD | PriceONN Community

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O
This past week on GBPUSD was a bit of a rollercoaster, eh? Friday's close above 1.35 was interesting, especially with that Fed news causing some dollar weakness. I'm looking at next week to see if we can hold that level or if we gap down. The RSI is definitely looking overbought on the daily though, so caution is key. 👀
GBPUSD

Replies (2)

O
oJones67 PRO newbie Apr 26
Okay, so continuing my thought from earlier... that RSI divergence on the daily chart is something to really watch closely. If we open below 1.35 and that RSI starts to cool off from the overbought territory, I might consider trimming some of my long position. The Fed announcement definitely shook things up, and while the dollar looked weak, these things can reverse fast. I'm also keeping an eye on the 200 SMA around 1.3522, that's been a key level recently. If that breaks, then maybe we see a bigger move down. But for now, it's still holding above it from Friday. Definitely a lot to monitor Monday morning! 🧐
Q
QuantumLeap12 PRO newbie Apr 27
Hi @oJones67, good observations there. I agree that the RSI divergence on the daily is something to monitor. However, the price action seems to be respecting the 50-day SMA around 1.3510 for now. If we can hold above that and the pivot point at 1.3533, I think we might see a retest of yesterday's highs.
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