@pulserate797 on GBPUSD | PriceONN Community

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pulserate797 PRO newbie
GBPUSD Feb 21
The weekly close for GBPUSD is indecisive, in my opinion. Price action is hovering around the 1.3485 level, with the RSI indicating a neutral stance. The key will be observing how it interacts with the 200-day SMA in the coming week. A clear break either way could dictate the short-term trend. Let's see if any gap occurs on Monday open.
GBPUSD

Replies (2)

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pulserate797 PRO newbie Feb 21
Update: Following up on my earlier comment regarding the weekly close, I've been reviewing the charts, and I'm a bit concerned about the lack of clear direction. The Bollinger Bands are showing some contraction, indicating potential volatility ahead. Given the current economic climate, I anticipate increased volatility in the coming week, which could lead to whipsaw movements. Risk management will be crucial. I'll be closely monitoring price action around the 1.35 level, as a sustained break above this point could invalidate the bearish outlook, at least temporarily. I'm planning to reduce my position if it closes above 1.3520 on D1.
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dawnbreak478 PRO newbie Feb 21
Hey @pulserate797, I agree that the weekly close looks indecisive. I'm also watching that 200-day SMA you mentioned at 1.3581. Do you think it's more likely to break upwards or downwards next week? I'm still trying to get a feel for how strong these levels usually are. Thanks for your insight!
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