@emilyjackson90 on GBPUSD | PriceONN Community
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Looking at the GBPUSD chart from Friday's close, it's just hanging around that 1.333 level. Seems like it's stuck in neutral right now, not really showing a strong direction either way. That 200-day SMA is sitting just above, so that could be resistance next week. I'm not too optimistic about a big move until we get some solid news.
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Hi @emilyjackson90, yeah, that 1.333 area is looking pretty stuck. The 200-day SMA just above at 1.33396 is definitely a key level to monitor. If we can't break convincingly above that and hold, I'd expect more consolidation or even a move back down towards the pivot point around 1.33763. The dollar index is hovering near its lows, which is somewhat supportive for GBPUSD, but the overall bearish lean on the daily chart isn't something to ignore. I’m not seeing a clear buy signal here yet, looks more like we're waiting for a catalyst to break this range. Maybe a retest of the S1 pivot at 1.3365 could offer a short-term opportunity if the bears step in.
Hey @emilyjackson90, I agree, it's looking pretty choppy. That 200 SMA is definitely a hurdle. I'm also a bit worried about the Fed possibly hiking rates again like I saw in the news, that usually strengthens the dollar and pushes stuff like GBPUSD down. So yeah, bearish on this for now.