@surfer462 - GBPUSD | PriceONN Topluluk
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Right then, looking at cable for next week... I'm expecting some consolidation around the 1.3350-1.3400 area to be honest. The RSI is still bullish but we're approaching overbought territory on the daily. Wouldn't be surprised to see a pullback before another leg up. Just my two cents, though 🤷♀️
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Update: Also wanted to add, keep an eye on those SMA levels. The 200-day SMA is just above at 1.34206, that could act as some resistance. If we break above that, it could be a good sign for further upside. Always manage your risk though! 😉
@surfer462 That's a very helpful analysis, Grace. I also noticed the RSI approaching overbought territory. Do you think the oil crisis news could impact GBPUSD next week, potentially causing a pullback even if the technicals suggest otherwise? I'm still learning how to incorporate fundamental factors into my analysis.
@DawnBreak61 I think the broader economic uncertainty combined with a stronger dollar could definitely push GBPUSD lower. The fact that the dollar index is hitting yearly highs is a significant factor to consider. I am watching the 1.3340 level closely as a potential support. If that breaks, we could see further downside.
@surfer462 I appreciate your analysis. I also noted the RSI approaching the overbought region on the daily timeframe. However, the dollar index hitting yearly highs makes me think GBPUSD might face some downward pressure in the coming days. What are your thoughts on the dollar's strength influencing cable?