@ericnelson56 on GBPUSD | PriceONN Community

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ericnelson56 PRO newbie
GBPUSD Feb 20
GBPUSD looking bearish today, folks! RSI is under 40 and price is below the 20 SMA. Think we might see it test S1 at 1.34368 soon. Could be a good short opportunity if it breaks that level. Keep an eye on it!
GBPUSD

Replies (3)

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ericnelson56 PRO newbie Feb 20
Another update: Ok, so price has been consolidating a bit. I'm starting to think this might be a good time to take partial profits. The Bollinger Bands are tightening up, suggesting a potential breakout soon, but I'm not sure which direction it'll go. I'm still leaning bearish, but I don't want to get caught in a whipsaw. Maybe I'll close half my position here and let the rest ride with a tighter stop. What do you guys thnk?
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ericnelson56 PRO newbie Feb 20
Update: Still holding my short position. Price bounced off S1 briefly, but it's struggling to break back above the 20 SMA. I'm thinking the overall trend is still down, especially with the 50 SMA acting as resistance around 1.3500. I'm going to move my stop loss to breakeven to protect my profits, and maybe even trail it a bit tighter if we see more downside momentum. Let's see if it hits S2!
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laurenrobinson PRO newbie Feb 20
@ericnelson56 I agree with your bearish outlook. The RSI on the daily chart also supports further downside. However, be cautious of a potential bounce near S1. A tight stop loss is crucial in this environment, given the current volatility. I'm also eyeing the 1.3430 level as a potential longer-term target if the bearish momentum continues.
EURUSD 1.16175 -0.11%
GBPUSD 1.34279 -0.26%
USDJPY 160.01050 +0.08%
XAUUSD 4,475.27 -0.28%
XAGUSD 73.90 -1.60%
BTCUSD 64,029 -5.27%
SP500 6,572.87 +0.74%
BRENT 98.15 -0.74%
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