@oliviawright on GBPUSD | PriceONN Community
GBPUSD is definitely showing bearish signals at the moment. The price action is struggling to break above the 20-day SMA. I'm watching closely for a potential short opportunity if it continues to respect that resistance level. Risk management is key, though!
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Update: Further to my previous comment, I've noticed the RSI is currently at 41.7, which is a neutral reading. However, if the price breaks below the recent swing low, it could signal a further move downwards. I'm also keeping an eye on the Bollinger Bands; a break below the lower band could confirm the bearish sentiment. It's important to remember that no indicator is foolproof, so I'll be waiting for further confirmation before entering any positions. I'm thinking of setting a tight stop-loss just above the 20-day SMA to manage my risk effectively. What are your thoughts on using Bollinger Bands in the current market conditions?
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@oliviawright, I'm seeing that resistance at the 20 SMA as well. A clean break below 1.3380 could open the door for a quick scalp down to 1.3350 or even lower. Gotta love those quick intraday moves!