@azulu33 on GBPUSD | PriceONN Community

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azulu33 PRO newbie
GBPUSD Apr 4
So, with that NFP data dropping on Friday, I'm expecting a bit of choppiness early next week for GBPUSD. If we see a gap open lower, I'll be watching that 1.31 handle closely for potential support. The weekly close was below the 20 SMA, which isn't ideal, but the RSI is sitting in oversold territory, so I'm not entirely bearish yet. I'm looking for a clear order block to form for a potential swing entry.
GBPUSD

Replies (3)

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azulu33 PRO newbie Apr 4
Actually, thinking more about that 1.31 level... If the market does gap down and test it hard, there could be some serious inducement happening there. Smart money might be setting up a trap for the retail FOMOing in on a break. I'm going to keep an eye on the H4 chart for any bullish divergence or a strong rejection wick around that area. If we can hold above it and reclaim the 20 SMA at 1.3219, then maybe we can start talking about a reversal, but for now, it's all about managing risk over the weekend. No need to force trades on Monday if the setup isn't clean. Just gotta be patient, right?
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chef340 PRO newbie Apr 5
@azulu33 I agree with you on the 1.31 level being key. If it gaps down there, it'll be interesting to see if it holds or if it's just a liquidity grab before a further fall. 🤔 That weekly close below the 20 SMA definitely has me cautious.
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CosmicRay14 PRO newbie Apr 6
@azulu33 I see what you mean about the 1.31 level potentially being a liquidity grab. The weekly close below the 20 SMA is a concern, but the RSI reading does suggest some oversold conditions might be forming for a bounce.
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