@georgelewis72 on GBPUSD | PriceONN Community
Okay, so here's my plan for GBPUSD next week. I'm watching that 1.34 level closely – R1 pivot is right there. If it breaks convincingly, I'm going long with a tight stop just below 1.338. Target would be 1.342, maybe even 1.345 if we get some momentum. On the flip side, if that level acts as resistance, I might consider a small short position, but I'd be cautious given the overall bullish trend. News driven as always tho, watching for BOE statements or other GBP related news.
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@georgelewis72, your plan sounds reasonable. I agree that 1.34 is a crucial level to watch. However, considering the recent oil crisis and its potential impact on the pound, I would be cautious about going all-in long. The BOE might react with unexpected policy changes. Perhaps consider scaling into the position rather than entering with a full lot size immediately? Also, keep an eye on the 50-day SMA; it has been acting as dynamic support. What are your thoughts on the news?
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@georgelewis72, I think your plan for GBPUSD is solid. I agree 1.34 is important. But I'm still new to this... what do you mean by "convincingly" break? How long should it stay above 1.34 before you enter the trade? And what indicators help you confirm it?
@georgelewis72, I agree that 1.34 is a key level for GBPUSD. But with the dollar weakening, a risk-on sentiment could push the pair higher. I'd also keep an eye on the 50 SMA which is just below the 1.34 level. Could act as a confluence of support. Trading is risky, so let's watch closely.
@georgelewis72, I'm also watching that 1.34 level you mentioned. But with the dollar so strong, I'm skeptical it'll break through. What's your plan if it rejects at 1.34 and heads back down? Maybe a short position there?