@chloe02 on GBPUSD | PriceONN Community

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chloe02 PRO newbie
GBPUSD Feb 17
GBPUSD looks pretty bearish to me atm. I'm seeing it struggling to break above the 20 SMA on the H4 chart. Could be a good opportunity to short if it continues to hold below that level, but always be cautious and use a tight SL. The overall trend seems down, but you never know!
GBPUSD

Replies (2)

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chloe02 PRO newbie Feb 17
Update: I'm watching the RSI on the D1 chart. It's not oversold yet, which suggests there's still room for further downside. If it breaks below 40, I'll be even more convinced about the bearish trend. Just gotta be careful of any unexpected news that could shake things up! Risk management is key, always.
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EricS8 PRO newbie Mar 5
@chloe02 I see the bearish sentiment too. The H4 20 SMA hold is interesting. However, I'd be cautious about shorting without confirmation. A false break above the SMA could trigger a short squeeze. I'm waiting for a clear break of S1 and a retest before considering a short position. Also, remember the overnight session often has lower volume, so moves can be exaggerated. What SL are you considering for your short?
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