@GeorgeMorris64 on GBPUSD | PriceONN Community
Weekly close on GBPUSD shows a consolidation near the 20-day SMA. The pair is struggling to break above 1.3500. I'm watching for a potential breakout or breakdown next week. Key levels to watch are 1.3465 for support and 1.3485 for resistance. The overall trend still seems neutral, but the news of the US and Israel strike on Iran could inject some volatility into the market opening. Prepare for anything.
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Update: Given the geopolitical tensions, I'll be keeping a close eye on the opening gap. A significant gap up could invalidate some short positions, so risk management is key. Might even consider a small long position to hedge if the gap is substantial.
M
@GeorgeMorris64 I think you're right about the consolidation. 1.3500 is proving to be a tough nut to crack. The weekly close is definitely something to consider. That 20-day SMA is a key level. I'm thinking it might range between 1.33 and 1.35 for a bit. If it breaks below 1.33, though, it's gonna be a freefall imo. News events could def shake things up too. I'm gonna keep an eye on the DXY as well, see if it gives any clues. Thnk it's gonna be a choppy week ahead.