@BoldRiver57 on GBPUSD | PriceONN Community

Update to my earlier comment: I've been doing some more research on correlating currency pairs and noticed a relationship between GBPUSD and EURUSD. Because they often move in similar patterns, it might be benificial to keep an eye on EURUSD's movements for potential hints about GBPUSD. However, it is important to remember that they are still distinct pairs and can diverge, especially during specific news events or policy announcements. I'm going to paper trade this strategy for a week to see if it improves my accuracy, before using real money. Does anyone else use this correlation strategy?

@BoldRiver57 Good point about the news releases. I find that GBPUSD can be a bit of a head fake though. News comes out positive for the UK, and it initially spikes, but then reverses completely. I've started waiting for the dust to settle after major announcements before making any moves. Also, I'm not entirely convinced about the bearish trend. We're sitting right on the 50 SMA, which is acting as support. If that breaks, then yeah, bearish, but until then, it's a bit of a coin toss imo. Plus, the dollar's been looking shaky lately. Defo keep an eye on the DXY as well.