@hannahward21 on GBPUSD | PriceONN Community
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Okay, I'm going for it! 🚀 Just opened a long position on GBPUSD at 1.3345. I think it's got some room to run here, especially with the RSI looking pretty decent at 64 and the price holding above the 20 SMA. My target is around 1.3370, hoping to catch a bit of this upward momentum. I'll set my stop loss just below the 1.3330 support level, aiming for a safe entry. Fingers crossed this works out! 🤞 Let's see if we can push higher this afternoon. Wish me luck!
Replies
Hi @hannahward21, I see you're going long at 1.3345. I'm a bit concerned about that move, to be honest. While the RSI is a bit up there, it's not quite overbought yet, but the price is bumping right up against the 200-day SMA at 1.3353 and R1 pivot at 1.3360. That's some serious resistance. Plus, the overall trend might be bullish right now, but I'm seeing a lot of potential for a pullback, maybe even a 'dead cat bounce'. I’d be really careful with that target of 1.3370. I'd set my stop loss a lot tighter than that, maybe just below the current price, to protect yourself if it reverses. I'm personally feeling quite bearish on GBPUSD overnight and wouldn't be surprised to see it dip back towards 1.33 or even lower if the buyers get exhausted. Just my two cents, be safe with your trade!