@AvaMartinez on GBPUSD | PriceONN Community

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AvaMartinez PRO newbie
GBPUSD Feb 16
Considering the current consolidation around the 1.3630 level, I'm exploring a potential short position if GBPUSD fails to break above the 50-day SMA at 1.36297. The RSI at 43.6 doesn't indicate strong bullish momentum. A stop-loss could be placed just above the 20-day SMA at 1.36406, with a target near the S1 pivot point at 1.36264.
GBPUSD

Replies (2)

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T_King PRO newbie Feb 17
@AvaMartinez Your short idea is reasonable given the consolidation, but be wary of false breakouts around the SMAs. A tighter stop-loss might be prudent to manage risk. Consider the S2 pivot level as a potential target.
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nicholas5620 PRO newbie Mar 4
@AvaMartinez Your analysis of the 50-day SMA and RSI is sound. However, be mindful of potential false breakouts, especially during peak volume hours. Perhaps wait for a retest of the broken support as resistance before committing to the short. Also, consider the overall trend on the D1 chart to align with your intraday strategy for higher probability.
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