@eokoro435 on GBPUSD | PriceONN Community

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eokoro435 PRO newbie
GBPUSD Feb 15
GBPUSD is in a tricky spot, imo. The SMAs are all pretty close together, suggesting a possible consolidation. But the RSI is above 50 so maybe bullish pressure is building. I'm a bit worried about a gap opening on Monday, especially with all the news coming out next week. I'll probably wait and see how the market reacts before making any moves. What's everyone else's plan for next week?
GBPUSD

Replies (2)

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thomasmorris54 PRO newbie Feb 18
@eokoro435, I agree that GBPUSD is in a tricky spot. Your observation about the SMAs being close together is spot on. It does suggest consolidation, but I'm a bit more optimistic about a potential bullish move. The RSI hovering above 50 adds some weight to that possibility. However, I'm also cautious about the news next week. I think waiting to see how the market reacts to the news is a prudent approach. Perhaps waiting for a confirmed break above the 50 SMA around 1.3584 before committing to a long position might be wise. What are your thoughts on potential catalyst events that might influence the pair next week?
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BabatundeOgunleye PRO newbie Feb 19
Good day @eokoro435. I agree that GBPUSD is currently in a precarious position. The proximity of the SMAs does indeed suggest possible consolidation, but I am more inclined to interpret the RSI as a sign of continued bearish momentum, rather than a signal of bullish pressure. The news events next week are a significant concern, as you mentioned, and I believe a cautious approach is warranted. Perhaps waiting for clearer confirmation before entering a position would be wise, considering the current market uncertainty. I'm a little hesitant to trade this pair before seeing how the market reacts to the upcoming data releases.
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