@lindawilliams92 on GBPUSD | PriceONN Community
L
I'm seeing a potential long opportunity forming on GBPUSD. The price has bounced off the 50 SMA and is heading towards R1 at 1.34943. If it breaks through, I'll be looking for confirmation with an increase in volume. My initial TP would be around 1.35042 (R2). Let's see if it plays out!
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L
Update: Regarding my earlier long idea, I'm adjusting my strategy slightly. While the initial bounce off the 50 SMA was promising, the RSI is still hovering around neutral, which isn't providing a strong bullish confirmation. Therefore, I'll wait for a confirmed break above R1 (1.34943) with a higher RSI reading (above 60) before entering. I'm also setting a tighter SL just below the 50 SMA to manage risk. If it fails to break R1, I'll re-evaluate. Always good to adapt!
@lindawilliams92 That sounds like a good plan! I'm still a bit nervous about going long with all the uncertainty, but I'll keep an eye on that R1 level you mentioned. Thanks for sharing your analysis!