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Initial observations on GBPUSD suggest a potential short-term pullback. RSI is approaching overbought territory on the hourly chart. I'll be watching for a break below 1.3500 to confirm a possible reversal. What are other traders seeing in terms of support levels?
Update: Further analysis on the GBPUSD suggests the pullback might be shallow. The 20-period SMA on the H4 chart is holding as support. I'm now leaning towards a continuation of the uptrend, targeting the 1.3550 level. However, I'm still maintaining a tighter stop loss below 1.3480 to protect against any unexpected downside. A break below this level would invalidate the bullish scenario. Also monitoring the D1 200 SMA around 1.35776. Thoughts?
