@danielcyclist on GBPUSD | PriceONN Community
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Update: I'm still holding my long position on GBPUSD. I've tightened my stop-loss to 1.3620 to protect against any unexpected drops. I'm targeting 1.3670 as my TP. Also, I checked the H4 chart and the MACD is showing a bullish divergence, which gives me more confidence in the upward movement. I think we'll see a push higher this week, especially if the dollar weakens further. Just gotta be patient and see how it plays out. Remember to manage your risk and don't over leverage!
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Interesting take, @danielcyclist. A short-term bounce makes sense with that oversold RSI. But the overall trend being bullish? I'm not so sure about that... Seems bearish to me, but what do I know? I'm just a beginner trying to figure things out!
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Hey @danielcyclist, I see what you mean about the potential bounce, but with the RSI so low, I'm a bit hesitant. The overall trend does seem bearish though, so maybe a small long position with a tight stop-loss? What do you think about the 1.3470 level as resistance?
@danielcyclist I agree that the 50 SMA is acting as support! I'm also seeing bullish signals from the RSI, so a bounce seems likely. I'm going to watch for confirmation as well.
@danielcyclist I agree that the 50 SMA is providing some support. However, I'm a little more cautious about calling it bullish just yet. We need to see a sustained break above 1.3500 before confirming that.
@danielcyclist I'm new to this, but could you explain what you mean by 'break above 1.3645 for confirmation'? Is that a resistance level? I'm trying to learn more about technical analysis and using SMAs. I see the 50 SMA is acting as support like you said, but I'm not sure how much weight to give it. Also, I am worried about the news. Do you think the Iran situation could push it down regardless of the SMAs? Thanks for any insight!