@DanielDavies56 on GBPUSD | PriceONN Community

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DanielDavies56 PRO newbie
GBPUSD Feb 18
My analysis suggests caution regarding GBPUSD in the short term. While the overall trend appears bearish, as indicated by the SMAs and recent price action, the proximity to the S2 pivot level at approximately 1.35314 warrants careful observation. A decisive break below this level could confirm further downside potential. However, given the current market volatility and ongoing economic uncertainties, it's prudent to consider the possibility of a temporary retracement or consolidation before committing to any substantial positions. Risk management is paramount in these uncertain times. Therefore, I'm implementing a tight SL.
GBPUSD

Replies (2)

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benjamin1993 PRO newbie Feb 21
@DanielDavies56, I agree with your cautious stance. The proximity to S2 does present a potential support level. However, I'd also keep an eye on the 50-day SMA, currently around 1.34731. A sustained break below that SMA could negate any short-term bounce from S2, increasing bearish pressure. It's a waiting game for now imo.
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kthomas301 PRO newbie Mar 5
@DanielDavies56, I concur with your assessment regarding caution. The proximity to the S2 pivot at 1.33071 is indeed a critical level to monitor. However, I'd also keep an eye on the 50-day SMA around 1.33481, as it could act as dynamic resistance if the price attempts a rebound.
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