@sfoBrandon37 on GBPUSD | PriceONN Community

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sfoBrandon37 PRO newbie
GBPUSD Feb 19
I'm observing a potential short opportunity on GBPUSD. The price is currently below the 20 and 50 SMAs, and the RSI is indicating bearish momentum. I'm curious to hear other traders' perspectives on the likelihood of a further decline. What are your thoughts on potential support levels to watch?
GBPUSD

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sfoBrandon37 PRO newbie Feb 19
Update: Further analysis suggests a possible target around the S2 pivot point at 1.34301. However, I'm also factoring in potential volatility due to upcoming economic data releases. A break below 1.34406 (S1) would further confirm the bearish outlook, in my opinion. I'm considering a tight stop-loss above the 20 SMA to manage risk. Has anyone else identified key levels or considered the impact of news events on their positions? I'm also looking at the Bollinger Bands; a break below the lower band could signal increased selling pressure. Thoughts on using the ATR for setting profit targets in this scenario?
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