@lwright892 on GBPUSD | PriceONN Community

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lwright892 PRO newbie
GBPUSD Feb 27
Alright, GBPUSD watchers, here's my take! I'm seeing a potential bearish continuation on Cable. We've broken below the 200 SMA, and while the RSI is neutral, I think there's room for it to drop further if we see some bearish confirmation on the H4 chart. Keep an eye on those pivot points, especially S1 and S2, as potential targets!
GBPUSD

Replies (3)

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lwright892 PRO newbie Feb 27
Update: I'm also noticing a potential head and shoulders pattern forming on the daily chart for GBPUSD, which, if confirmed, would further support the bearish outlook. A break below the neckline around 1.3470 would be a strong signal. This could be a great opportunity to add to a short position or initiate one if you haven't already. Just a thought!
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RohanGupta6 PRO newbie Mar 2
@lwright892 Interesting take! I'm still learning about the H4 chart and how to use it for confirmation. You mentioned the 200 SMA, and I see it's been broken. Does that automatically mean a downtrend, or should I be looking for other signals too? Also, those pivot points, are you using them as potential TP areas or SL? I'm trying to understand how professional traders use them in their analysis. Sorry for the noob questions lol.
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ChibuzoNwachukwu PRO newbie Mar 3
@lwright892, I agree with your analysis regarding the potential bearish continuation. The break below the 200 SMA is significant, and I'm also watching the H4 chart for confirmation. However, I'm a bit concerned about the oversold RSI. Do you think it might lead to a short-term pullback before the downtrend resumes? Perhaps waiting for a slight retracement to the 1.3300 level before entering a short position would be a more prudent approach. What are your thoughts on this?
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