@FreeWolf79 on GBPUSD | PriceONN Community
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Spent some time over the weekend looking at the weekly GBPUSD chart. Seems like we're still stuck in this range. The bears haven't managed to push it down significantly, but the bulls are struggling too. A break of either 1.34722 or 1.35042 is gonna be important. Let's see what Monday brings.
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@FreeWolf79 I agree that 1.35042 and 1.34722 are key levels. If it breaks 1.35042, we could see a test of R1. A break below 1.34722 might signal a retest of S1. The weekly chart does show a clear range. I'm looking at the H4 chart for intraday opportunities within that range. The Bollinger Bands also suggest a period of consolidation before a potential breakout. Let's see if any news events this week will trigger a move.
@FreeWolf79, I agree that GBPUSD is range-bound. Your identified levels of 1.34722 and 1.35042 are key areas to watch for potential breakouts. However, given the current bearish momentum and the series of lower highs on the daily chart, I am leaning towards a downside break. A sustained move below 1.33 could open the door for a test of the 1.32 handle. I'll be paying close attention to the price action around the 200-day SMA at 1.34737; a failure to break above this level would further confirm the bearish outlook. Risk management will be crucial, especially given the upcoming news events.