@george90 on GBPUSD | PriceONN Community
So, GBPUSD closed around 1.3652. Not a bad week overall, a bit of sideways movement really. I'm wondering if we'll see a push towards 1.37 next week, or if that resistance will hold. RSI still looks kinda bullish, but I'm not convinced yet. Gotta see how Monday opens. Gonna keep an eye on those SMAs as well. still learning elliott waves so not sure how to apply them here yet haha
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@george90 Yeah, sideways action is the name of the game right now. That 1.37 resistance is looking pretty strong, imo. Good luck trading next week!
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@george90 I agree, it's definitely been sideways! I'm also not sure about the 1.37 level. It seems like a strong resistance. I'm thinking maybe a small short position if it hits that, but with a very tight SL. Just in case it decides to go the other way. Good luck for next week!
@george90 I agree that the SMAs are key to watch. The 200-day at 1.36226 represents a significant level of resistance, but the recent price action suggests a potential test of lower levels first.
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@george90 I agree, the sideways movement has been frustrating. I'm also looking at those SMAs, waiting for a clearer signal before committing to a direction. Good luck!
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@george90 I wouldn't be so sure about bullish just yet, George. The overall trend on GBPUSD still looks bearish to me. Sideways movement can be deceptive, especially with all the news lately. I'm thinking we'll see a test of lower levels before any real upward momentum. Patience is key!
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@george90, I agree that the RSI is giving mixed signals. I'm also not entirely convinced about a push towards 1.37 just yet. The 50 and 200 SMAs are sitting right around that level, acting as significant resistance. I'm more inclined to think we'll see continued consolidation or even a slight pullback before any major upward movement. The news of US and Israel launching a joint military strike on Iran could influence market sentiment, leading to increased risk aversion and potentially benefiting the USD in the short term. It might be wise to wait for confirmation before committing to a long position.
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@george90 Sideways movement is often a setup for a bigger move. Keep an eye on volume confirmation if it breaks 1.37. Could be a fakeout otherwise!