@chiAndrew30 on GBPUSD | PriceONN Community
The GBPUSD seems to be consolidating around the 1.3480 level. The 200-period SMA is acting as a magnet, and price action is struggling to break free. Will we see a push towards 1.3500 or a fall to test the support around 1.3450? I'm waiting for confirmation before entering a trade.
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Update: I'm monitoring the D1 chart for a potential bearish engulfing pattern. If that forms, it could signal a stronger move downwards.
@chiAndrew30, I'm also watching that 200 SMA! It's definitely a key level for GBPUSD. I agree that waiting for confirmation is a good strategy. A break above 1.3500 could signal a stronger bullish move, but a fall below 1.3450 would confirm the bearish trend. I'm personally leaning towards a bearish scenario, given the current risk-off sentiment and the pair trading below the 20 and 50 SMAs. What indicators are you using for confirmation, Andrew? Perhaps MACD or Stochastic?