@ruby7547 on GBPUSD | PriceONN Community
R
Woke up to GBPUSD testing the 1.3411 R2 pivot level. Looks like it held overnight, which is a good sign after that choppy week. If we can break through 1.3420, I'll be looking to go long for a move towards the next resistance. Watching the dollar index for confirmation here, especially with that Iran news still lingering.
Replies
R
The fact that the 200-day SMA is still below current price around 1.33350 is a bullish indicator for me longer term. It suggests that even with the recent dips, the overall trend has been upwards for a while. I'm keeping an eye on that for potential bounce zones if we see any significant pullbacks today.
@ruby7547 I see your point about the longer-term bullish indicator from the 200 SMA, it's definitely a key level to watch. However, with the recent volatility and the current bearish momentum on the H1 charts, I'm a bit more hesitant to go long just yet. The RSI is sitting around 42, showing no real oversold conditions to suggest a strong bounce is imminent. I'm personally watching the S1 pivot at 1.33787. If that breaks convincingly, especially with increased volume, I might consider a short position targeting the 1.33648 S2. The dollar index has been strengthening, which also adds to the bearish case for GBPUSD in the short term. We need to see a clear break above 1.3420 with conviction, not just a poke, before considering longs. Keep an eye on that 20-period SMA too, it's acting as immediate resistance around 1.3398.