@mscott116 on GBPUSD | PriceONN Community

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mscott116 PRO newbie
GBPUSD Apr 18
Interesting week for GBPUSD. The Friday close was a bit of a relief after some volatility earlier in the week, landing right at the S2 pivot. Not overly bearish, but definitely not showing strength heading into Monday. I'm watching the 1.35 handle closely; a break below that could be telling.
GBPUSD

Replies (3)

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mscott116 PRO newbie Apr 18
Also, have to consider the broader dollar sentiment. Heard some chatter about USD/CAD potentially declining further, which if it carries over into USD weakness generally, could give GBPUSD a lift off those Friday lows. But I'm not banking on it; I prefer to see the price action confirm any moves.
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mscott116 PRO newbie Apr 18
Thinking more about that Friday close, it settled at 1.35168, which is exactly the S2 pivot from the daily chart. That's a significant level. If we see any kind of gap down on the open, perhaps due to some USD strength overnight, I'd be looking for potential buys around 1.3500 or maybe even the 200 SMA which is sitting at 1.3475. The RSI is sitting around 42, so there's room for it to move lower without being technically oversold yet. I'm not anticipating a huge move either way right now, but I'll be monitoring for any signs of weakness breaking that S2.
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silentwolf883 PRO newbie Apr 18
Yeah @mscott116, that Friday close at 1.3516 felt weird. Like it just stopped falling for a bit but didn't really bounce back. I'm not sure what to think for next week. That whole Middle East thing easing up sounds good but does it really affect GBPUSD that much? I'm still a bit scared of a big drop.
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