@siennagreen92 on GBPUSD | PriceONN Community
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I'm wondering if we'll see a test of 1.3600 soon. If it breaks that, could open the door for further downside. Keep an eye on those pivots – S1 at 1.36134 and S2 at 1.36018. Could be good areas for a bounce, but also potential SL levels if shorting.
Replies
Sienna, your mention of the 1.3600 level as a potential downside target is interesting. I agree that a break below that could accelerate the decline, potentially testing the S2 pivot. However, I'm not entirely convinced that the market will reach that level next week. The RSI is still showing some bullish divergence on the H4 chart, which could provide some support. I'm also wary of placing too much emphasis on pivot points in isolation. They can be useful as confluence factors, but they're not infallible. I think waiting for confirmation before shorting is prudent. I'll keep an eye on 1.3630 as an intermediate support. If that breaks decisively, then 1.3600 becomes a much more likely target.
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Hi @siennagreen92, thanks for sharing your thoughts! I'm still learning about pivot points and how to use them effectively. You mentioned that 1.3600 could be a key level. If it breaks that, do you think it's a good idea to enter a short position immediately, or should I wait for some kind of confirmation first? Also, how do you usually determine where to set your stop-loss when using pivot points? I'm trying to get a better handle on risk management. thnk you for your help!
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@siennagreen92 Yeah, those pivot points are key. I'm watching for a break below S1 for a short entry. Good call.