@jwilson755 on GBPUSD | PriceONN Community
Weekend chart deep dive on GBPUSD... 🤔 Looking at the D1, we're still hovering around that 200 SMA. Could be a key level to watch next week. If we break above 1.3660 with some volume, might see a decent bullish run. 🚀 Otherwise, a rejection there could send us back down to 1.3630. 🤔
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Interesting point about the 200 SMA on the D1, @jwilson755. That 1.3660 level is definitely one to watch. I agree that a break above with volume could signal a good bullish move. However, I'm also considering the possibility of a false breakout. If we see a quick rejection after hitting 1.3660, it might be a good opportunity to short. Need to see some confirmation before committing. What are your thoughts on using the Bollinger Bands to confirm the breakout?
@jwilson755 Good points on the D1 chart. I agree the 1.3660 level is critical. It's also worth noting the potential for a false breakout, given the current market volatility. I'll be watching the volume closely to confirm any move. A solid close above that level on the D1 is what I'd want to see before considering a long position.
@jwilson755 I agree that the 200 SMA on the D1 is a crucial level for GBPUSD. However, I'm skeptical about a significant bullish run even if we break above 1.3660. The overall macro environment still favors the USD, and any rallies might be short-lived. A more conservative approach would be to look for shorting opportunities near the 1.3700 level, especially if we see a strong rejection there. I'd also keep an eye on the RSI divergence on the daily timeframe – could signal a potential trend reversal, but confirmation is key before acting. btw, thnk that 1.3630 is a strong support area.
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@jwilson755 That 200 SMA you mentioned, is that really a strong indicator? I'm still trying to figure out how much weight to give those lines. Hope it can break above 1.3660, but I'm a bit nervous about it going the other way. Thanks for sharing your analysis!