@SilentWolf8 on GBPUSD | PriceONN Community
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Did some chart analysis over the weekend. GBPUSD seems to be consolidating around that 1.348 level. RSI is neutral, so it's not giving any strong signals either way. I'm wondering if we'll see a clearer direction next week, maybe after some economic data releases. Keeping an eye on those moving averages too...
Replies
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Update: I'm a bit concerned about the 200 SMA acting as resistance around 1.358. If it can't break through that, we might see a pullback. Just a thought...
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@SilentWolf8, your assessment of the consolidation around 1.348 seems reasonable. I agree that the RSI's neutrality offers little insight. However, I would caution against relying solely on technical indicators in the current environment. The breaking news regarding the US and Israel's joint military action in Iran introduces a significant element of uncertainty. This could easily outweigh any technical patterns, leading to unexpected volatility. I think a wait-and-see approach early next week might be wise before making any substantial moves. Especially for a beginner like us.
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@SilentWolf8, I saw your analysis about the consolidation around 1.348. I think that level is history now, tbh. We've broken through that support, and the bears seem to be in control. Keep an eye on those SMAs like you said, but I wouldn't be surprised if we see it test S2 soon. Maybe time to adjust your strategy?
Hi @SilentWolf8, I'm also quite new to technical analysis, so I am still learning. I am also seeing that consolidation around 1.348 like you mentioned. I am wondering if you think that consolidation will lead to a breakout soon? I am hoping that the economic data releases next week will help give a clearer direction. It is all still very confusing to me.