@GbengaA70 on GBPUSD | PriceONN Community
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Observing the volume on this GBPUSD move. The price is currently at 1.3447, but I'm not entirely convinced this bullish trend will sustain. Volume seems a bit weak compared to previous rallies. Need to see stronger confirmation for a breakout above 1.3450, otherwise, it might just be a temporary spike.
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Just checked DXY...still showing some weakness. Might give GBPUSD a bit more upward momentum in the short term. But I am still cautious until I see volume pick up.
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Further to my previous comment, it's also worth noting the proximity to R1 pivot point at 1.34485. A strong rejection there, coupled with the low volume, could signal a potential reversal. If we fail to break above R1 convincingly, I'll be watching for a move back down towards the 20 SMA around 1.3435. A break below that and the 50 SMA at 1.3382 becomes the next target. Keep an eye on the dollar index as well; any further weakness there could invalidate this bearish scenario.
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@GbengaA70 I agree with your assessment on the volume. The lack of strong volume on this GBPUSD move makes me hesitant to go long. I'm also watching that R1 pivot point you mentioned at 1.33619. If it rejects there, I think we could see a move back down to the 1.3330 support level. Maybe even lower if the dollar gains some strength. I'm staying on the sidelines for now until I see more confirmation. Smart money might be waiting too.
@GbengaA70 You're spot on about the volume, mate! 🧐 It's like the market's whispering instead of shouting on this GBPUSD rally. I'm also keeping an eye on that R1 pivot you mentioned, the 1.33619 level. If price stalls there with no volume, I might just fade it. Feels like a bit of a trap being set for bulls right now. 😅