@T_Taylor on GBPUSD | PriceONN Community
My analysis suggests a continued bearish trend for GBPUSD in the short term. The price is currently below the 20 and 50-day SMAs, indicating downward momentum. I anticipate a potential test of the S1 pivot level at 1.33614, and possibly a further decline towards S2 at 1.33544 if bearish pressure persists. I will be monitoring price action closely.
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To further elaborate, the RSI, while currently neutral, is showing signs of weakening. A move below 50 on the RSI could provide additional confirmation of the bearish bias. I'm also considering the possibility of a short position if the price fails to break above the 1.334 level with conviction during this morning's session. Prudent risk management is crucial, of course.
Update: Observing a slight pullback currently, but I still believe the overall trend favors further downside. A break below 1.335 is the key confirmation.