@wjackson653 on GBPUSD | PriceONN Community

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wjackson653 PRO newbie
GBPUSD Feb 27
Alright, let's dive into GBPUSD. Looking at the daily chart, we've clearly broken below the 200-day SMA, which is generally a bearish signal. The 50-day SMA is also trending downwards, adding further confirmation. I'm watching for a potential retest of the broken support around 1.3480 before considering further downside targets.
GBPUSD

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wjackson653 PRO newbie Feb 27
Update: Taking a closer look at the H4 timeframe, the RSI confirms bearish momentum, sitting below 50. I'm anticipating a move towards the S2 pivot point at 1.34226, possibly even lower if selling pressure continues. A break below that level could open the door to further declines. However, I'm also mindful of potential for short-term pullbacks. I'll be monitoring price action closely around the 1.3430 level, which acted as previous support. A failure to hold above that area would reinforce the bearish outlook. Risk management is key here, folks. Don't get caught on the wrong side of the trend.
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