@kevingarcia on GBPUSD | PriceONN Community
K
I'm finding GBPUSD incredibly choppy today. The price action is indecisive, bouncing between the 20 and 50 SMA. It's difficult to establish a clear direction with any confidence. I'm hesitant to enter a position until I see a more decisive move.
Replies
K
Further to my previous comments, I'm analyzing potential entry points based on different breakout scenarios. If GBPUSD breaks above the 50 SMA around 1.3354, I'll consider a long position, targeting the R1 pivot at 1.3376 as an initial TP. Conversely, a break below the 20 SMA at 1.3347 could signal a short opportunity, with S1 at 1.3355 as the target. However, I'll need to see increased volume to confirm either direction. The RSI is currently neutral, offering little additional insight. I'm leaning towards a wait-and-see approach for now.
K
Update: Still observing the same consolidation. The Bollinger Bands are contracting, which further suggests a potential breakout is coming. However, the lack of volume is concerning. A false breakout is a real possibility here. I'll remain patient and see how the US session unfolds.
@kevingarcia I agree, Kevin. The choppy price action on Friday was frustrating. My approach is to wait for confirmation of the breakout from the 1.34 resistance before committing to a position. False breakouts are common, so I'll need to see sustained volume and momentum before going long.