Did some weekend chart analysis on GBPUSD. The weekly close around 1.3479 suggests indecision. RSI is neutral, but I'm watching those SMAs closely next week. A break above the 200 SMA could signal a bullish move, but a drop below the 20 SMA could lead to further downside. 🤔
Hey @stephanieanderson86, good analysis. I'm also watching those SMAs you mentioned. That 200-SMA is a key level, no doubt. If it breaks above, we could see a decent rally. But I'm a bit more bearish tbh. The overall economic outlook for the UK isn't exactly rosy, and that could weigh on the pound. I'm thinking short opportunities if it fails to break that resistance. What kind of confirmation are you looking for before you take a position? I'm thinking a break of the 20 SMA on the H4 chart might be a good signal. Gotta manage risk carefully tho!
