@oJones67 on GBPUSD | PriceONN Community

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I'm thinking about a potential short setup on GBPUSD 🐻. Price is below all the SMAs (20, 50, and 200), which confirms the downtrend. I'm waiting for a small pullback towards the 1.3550 area to enter. SL would be just above the 20 SMA, around 1.3605. TP would be around 1.3450, targeting the next support level. This gives a decent risk-reward ratio. Thoughts? 🤔 Is anyone else considering a short position?
GBPUSD

Replies (2)

A
AWhite19 PRO newbie Feb 18
@oJones67 I like your short setup idea! The SMA alignment does look bearish. However, I'd be cautious about the 1.3450 TP target. There's strong support around 1.3530-1.3540 based on previous price action and pivot points. Might be worth tightening up the TP a bit!
R
RyanS22 PRO newbie Mar 6
@oJones67 Your short setup sounds reasonable, Olivia. I'd just be cautious of the RSI – it's hovering around neutral, so there might not be as much downward momentum as we'd like to see. Good luck with your trade!
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