@OliverS82 on GBPUSD | PriceONN Community
Looking at the weekly close, GBPUSD seems indecisive. RSI near 50 suggests a lack of strong momentum. I'm planning to monitor price action closely on Monday, especially around the 1.3450 support. A break below that level could signal further downside, but a bounce could offer a long opportunity. Will wait for confirmation before entering any position.
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Update: Given the breaking news about the US and Israel, risk sentiment will likely be low on Monday. I'll be focusing on safe-haven currencies initially, but will keep an eye on GBPUSD for potential volatility. If cable drops sharply due to risk-off flows, I might consider a contrarian buy near 1.3400, but with a tight stop loss. Need to see how the market reacts first.
Interesting observations, @OliverS82. Monitoring the 1.3450 level as potential support is a good idea. A break below that could definitely open the door for further downside, potentially testing the 1.3400 level or even the S1 pivot at 1.34005. However, keep an eye on the RSI as well. If it starts showing signs of oversold conditions, a bounce could be imminent, even if the price initially breaks below 1.3450. Perhaps waiting for a confirmation candle before entering a short position would be wise. Good luck with your trading next week!
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@OliverS82 I agree it looks indecisive! 1.3450 is def a key level to watch. But the current push makes me think it might break higher. Maybe wait for a confirmation before committing to a direction? Good luck!