@OliverSmith on GBPUSD | PriceONN Community
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This choppy action in GBPUSD reminds me a bit of EURUSD earlier this week. Both pairs seem to be stuck in neutral zones, waiting for clearer direction from the major economic data. Let's see if oil prices continue to dictate the risk sentiment.
Replies
Interesting point, @OliverSmith. I agree, the choppy action has been a real pain for scalpers. It felt like we were just grinding sideways, and the 200 SMA on the daily chart looks like it's flattening out a bit too, which usually signals a lack of conviction from the big players. I'm always wary when pairs start looking too much alike, it means the underlying drivers might be getting muddled or influenced by external factors like crude oil prices as you mentioned. Personally, I'm looking at the weekly close again – it held above 1.36, which is somewhat encouraging, but that small negative change from Friday's open is a bit concerning. I'm not expecting a massive gap up or down unless there's some major news over the weekend, but I'll be watching the R1 level around 1.3612 very closely on Monday. If we can break that cleanly with decent volume, I might consider a short-term long position, but only with a tight stop.