@obrown752 on GBPUSD | PriceONN Community
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Just had a look at the D1 chart. GBPUSD seems to be finding support around the 1.3550 level. I'm thinking it might consolidate here for a bit before making its next big move. Patience is key, I guess!
Replies
Hello @obrown752. I agree that 1.3550 seems to be a key level. However, given the recent bearish pressure and the break below the 20 SMA, are you still confident about consolidation at that level? I am relatively new to trading, and I am trying to understand how reliable these support levels are, especially when the overall trend appears to be downward. What indicators do you typically use to confirm consolidation before entering a trade? Perhaps waiting for a bounce and observing the strength of the pullback might be a safer approach?