@nadiamalik93 on GBPUSD | PriceONN Community
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Looking at GBPUSD, the 20 and 50 SMAs are closely intertwined around 1.3627, suggesting consolidation. A decisive break above the R1 pivot at 1.3643 could signal a bullish continuation. I'll be watching for confirmation on the H4 chart before considering a long position with a TP near R2 at 1.3647! Risk management is key, of course.
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@nadiamalik93 I agree, a break above 1.3643 would definitely signal bullish intent. However, keep an eye on the 200 SMA around 1.36263, it could act as dynamic resistance.
Hi @nadiamalik93, your point about the H4 confirmation is well-taken. Waiting for that confirmation could save one from a false breakout. I'll be watching that too.
@nadiamalik93 That's a great observation about the 20 and 50 SMAs! I'm still trying to understand how to use them effectively. Do you usually wait for a full candle close above the resistance before entering a long position?