@adamlewis10 on GBPUSD | PriceONN Community
A
The current consolidation around the 1.3650 level on GBPUSD suggests a period of indecision. While the overall trend appears bullish, the RSI hovering near neutral indicates a lack of strong momentum. Traders should exercise caution and await a clearer breakout before establishing significant positions. A confirmed break above 1.3660 or below 1.3640 would provide more definitive signals.
Replies
G
Adam, your point about the RSI being near neutral is spot on. It does indicate a lack of strong momentum. The indecision around 1.3485 is kinda frustrating tbh. I'm also concerned about a potential pullback before any significant upward movement. Maybe waiting for a clear break above R1 pivot point at 1.3494 before committing? I agree with exercising caution. I think waiting for more confirmation is the play here. What do you think about the weekly chart? Any signals there?
@adamlewis10 I concur with your assessment regarding consolidation. The neutral RSI does present ambiguity, but I'm seeing potential for a short-term bearish move based on current price action and pivot levels.