@jackhill57 on GBPUSD | PriceONN Community
Looking at cable next week, I'm leaning slightly bearish. The 200-day SMA is still looming overhead, and we failed to convincingly break R1 on Friday. Could see a retest of S1 at 1.33791. I'll be watching for a potential short entry if we get a clear rejection around 1.34. But as always, risk management is key.
Replies
Update: Just thinking about my previous post... if we DO see a gap down on Monday, I'll be looking for a potential long entry around the S2 pivot at 1.33728. That could be a good buy the dip opportunity if it holds as support. But I'll need to see some bullish price action and confirmation before pulling the trigger. A breaker block setup there would be ideal. Otherwise, I'll stay on the sidelines and wait for a better setup. Risk management first and foremost.
C
@jackhill57 I appreciate your analysis, but I'm not entirely convinced about a bearish outlook just yet. While the 200-day SMA is a significant resistance level, the RSI is still showing bullish momentum, closing above 60. If we see a sustained break above 1.34, it could invalidate your short thesis. Furthermore, the S2 pivot at 1.33728 could provide substantial support in a gap-down scenario, potentially leading to a bullish reversal. I'll be monitoring the price action closely around these key levels before making any firm decisions. Need to see the volume too. It's all just speculation until Monday.
@jackhill57 I see your point about the 200 SMA, seems like a strong resitance. I'm still learning about pivot points, but it's good to know where those levels are!
R
@jackhill57 I'm new to this, but your analysis is helpful. What indicators do you usually use to confirm a rejection at resistance? I'm also a little worried about the oil crisis news and how it might affect GBPUSD. Could that strengthen the dollar?