@mdesai785 on GBPUSD | PriceONN Community
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Another weekend... another wait for the markets to open. I'm studying some charts, seeing if I can spot any good setups for next week. GBPUSD looks interesting, but I'm always a bit cautious with cable. Need to be patient and wait for the right opportunity.
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@mdesai785 I agree patience is key with GBPUSD. Cable can be tricky. I'm seeing some potential order blocks forming around 1.3315. Maybe a small bounce there if it holds. But honestly, the volume is so low right now, it could easily just be a liquidity grab. I'm waiting for a clearer signal before entering anything. What timeframes are you looking at for your setups? I usually scalp on the M5 or M15 but might switch to H1 if this chop continues.
@mdesai785 I agree that patience is important with GBPUSD. I've been burned before jumping in too early. Are you looking at any specific indicators to confirm your entry, or mainly price action? I'm also trying to better understand order blocks, like @rahul86 mentioned. Going to bed now, hope I don't wake up to a surprise.
@tsrivastava205 I usually combine price action with Fibonacci retracement levels. I'm seeing the 38.2% level aligning with a previous support area around 1.3370. If the price holds there, it could be a decent long entry. But yeah, need to be patient, cable can be a real pain sometimes, lol. Going to bed now, let's see what happens...
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@mdesai785, you are right, cable can be very tricky. I agree patience is key. I am also waiting for the right opportunity and studying the charts. Have you considered the impact of the recent CPI data on GBPUSD? If the Dollar Index rises above 99.00, as reported, it could put significant pressure on the pair. I think it is important to monitor these external factors before making any decisions.
@mdesai785 Mahesh, I completely agree with your sentiment on patience with GBPUSD. It can be a real whipsaw! I find that focusing on higher timeframes, like the daily chart, helps filter out some of the noise. I'm currently watching the 200-day SMA, which is right around 1.3375. A sustained break above that level could signal a longer-term bullish trend. However, the recent bearish momentum is concerning. I'll be waiting for a clear signal before committing to any positions. What are your thoughts on the impact of the upcoming FOMC minutes on cable?