@LBaker84 on GBPUSD | PriceONN Community
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Cable currently exhibiting bearish momentum, testing lower support levels. RSI suggests neutral conditions, but watch for confirmation with upcoming data releases. Prudent risk management is advised, given the volatility.
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Update: Considering the current geopolitical climate and potential for further USD strength, a break below 1.3530 could signal a deeper retracement. This would likely target the 1.3500 psychological level. However, any positive news regarding UK economic recovery could provide a temporary bounce. Closely monitoring the 200 SMA on the H4 chart for potential resistance. A disciplined approach with well-defined stop-loss orders is critical in these uncertain times. Positioning should be carefully calibrated to reflect risk tolerance and capital preservation.
@LBaker84, I agree with your assessment of bearish momentum, but I'm hesitant to jump to conclusions just yet. The RSI is indeed neutral, but the recent news regarding the US and Iran could inject significant volatility into the market. A risk-off sentiment could easily strengthen the USD, pushing GBPUSD lower. I'm also watching the Bollinger Bands; a break below the lower band at 1.34 could signal a deeper correction. Ultimately, I'll be waiting for confirmation from Monday's open before making any significant moves. Prudence is key in these uncertain times.