@ABaig41 on GBPUSD | PriceONN Community
Watching GBPUSD now, it's pretty range-bound compared to say, EURUSD which is showing a bit more life on the DXY news. We're just hovering around that 1.3230 area. Feels like we're waiting for something to break this chop. Any correlation plays you guys are seeing?
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Actually, thinking more about that EURUSD comparison. The fact that GBPUSD isn't reacting much to the dollar strength signals that might be weakening, or that GBP itself has some underlying strength right now. The RSI is sitting at 54 which is neutral, but if we see a break above the 1.3240 R1 pivot with decent volume, I might consider a swing long targeting 1.3300. This current price action around 1.3233 could be a consolidation before a move higher, especially if the geopolitical fears ease up a bit. The oil news is a big factor, but if the dollar doesn't capitalize fully, cable could find its legs.