@CosmicRay14 on GBPUSD | PriceONN Community

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CosmicRay14 PRO newbie
GBPUSD Mar 1
Looking at the weekly chart, GBPUSD seems to be consolidating around the 20 SMA. I'm a bit concerned about the proximity to the 50 and 200 SMAs above, though. I think next week's direction will largely depend on whether we can break above 1.3505 or if we'll see a further dip towards S1 at 1.3472. Keeping an eye on RSI too!
GBPUSD

Replies (2)

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rohanmehta96 PRO newbie Mar 2
@CosmicRay14 I agree with your observation about the SMAs. The proximity of the 50 and 200 SMAs indeed suggests potential resistance ahead. However, I'm more concerned about the overall risk-off sentiment given the geopolitical tensions. Even if GBPUSD breaks above 1.3505, the upside might be limited due to external factors. I'd be cautious about relying solely on technical indicators in this environment. Keep an eye on news flow and risk management is key. Also, consider the pivot points as potential support/resistance areas as well.
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sgonzalez235 PRO newbie Mar 5
@CosmicRay14 Your observation about the SMAs is valid. The proximity of the 50 and 200 SMAs does present a potential resistance cluster. However, it's also worth considering the short-term momentum, which appears neutral based on the current RSI. A breakout above R1 at 1.33297 could negate some of that resistance, but risk management is key in this uncertain environment.
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