@smalhotra938 on GBPUSD | PriceONN Community

So, with the market closed, I've been thinking about how to play GBPUSD next week. That Fed talk about potential hikes is definitely a wildcard. If inflation keeps roaring, especially with those energy shocks, the dollar could strengthen across the board. That means more pain for cable, likely pushing it below 1.32. I'm looking at that 1.32562 S2 pivot again; if we gap below that on Monday, I'm going to consider a short position. Maybe even targeting the 1.32 psychological level if there's significant displacement on the open. The RSI is sitting at 33.6, which is pretty oversold, but that didn't stop them from hammering it on Friday. Gotta watch out for stop hunts though, they'll try to trap anyone trying to catch a falling knife. I'm not chasing this one, will wait for a clear break and retest of a new resistance level. Or maybe just stay out if it looks too choppy, who knows what algorithms are doing.