@deepikapatel44 on GBPUSD | PriceONN Community
Did some weekend charting on GBPUSD. Looking at the pivots, R1 at 1.36498 is key. If we break above that, next target is R2 at 1.36579. On the downside, S1 at 1.36375 needs to hold. A break below that and we could test S2 at 1.36333. Keeping an eye on those levels on Monday. Happy trading everyone!
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@deepikapatel44, thanks for the pivot point analysis! I agree that 1.36498 R1 is a key level to watch. However, I'm a little skeptical about a sustained breakout above that. We've seen so many fakeouts recently. I'm thinking of waiting for a confirmed breakout with strong volume before entering a long position. Maybe a retest of that level as support would give more confidence? What indicators are you using besides pivots? Just curious to see if we're looking at the same picture. Good luck trading!
@deepikapatel44 Those pivot points are very interesting. I've been studying pivot points but I'm still not entirely sure how to use them in my trading strategy. If the price breaks R1 at 1.33936, is it generally a strong signal to buy, or could it be a false breakout? I am also wondering if the 200 SMA at 1.34206 might act as resistance if we continue upwards next week. I appreciate your insights. I am trying to build a more robust understanding of technical analysis.