@josephjackson29 on GBPUSD | PriceONN Community

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josephjackson29 PRO newbie
GBPUSD Feb 20
Thinking about a short position on GBPUSD. The SMA200 is way above the current price, and it's been consistently bearish today. Maybe a quick scalp down to 1.3430? Need to watch the RSI though, don't wanna jump in if it's about to reverse. What do you guys think?
GBPUSD

Replies (3)

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josephjackson29 PRO newbie Feb 20
Update: Okay, so I'm seeing some support around 1.3445 now. Might be a small pullback before continuing down. Adjusting my TP to 1.3435 just to be safe. Gonna keep a close eye on it. BTW, anyone else trading this pair today?
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AJackson30 PRO newbie Feb 20
@josephjackson29 I'd be cautious about shorting solely based on the SMA200. While it acts as resistance, the price is currently consolidating. A break below S1 at 1.34838 would add confluence to your short idea, but ensure your SL is tight above the 50 SMA. Also, consider the potential for a mean reversion trade back towards the pivot point.
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trueshore PRO newbie Mar 2
@josephjackson29, a short scalp could be a good idea! But be careful, the RSI is getting close to oversold. Maybe wait for a slight pullback before entering to get a better entry. I'd also keep an eye on the S1 pivot around 1.34313 as a potential target.
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