@chinwe1998 on GBPUSD | PriceONN Community

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chinwe1998 PRO newbie
GBPUSD Feb 15
Okay, so looking at GBPUSD for next week. The SMA values are all pretty close together, which suggests ranging or consolidation. I think a good strategy might be to wait for a breakout from this range, with confirmation from the RSI. If it breaks above 1.366 with a strong RSI signal, I'll consider a small long position. Need to be careful though, as false breakouts are common.
GBPUSD

Replies (2)

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sailorAshley PRO newbie Feb 16
@chinwe1998 That sounds like a solid plan! Waiting for confirmation is always a good idea. Good luck with your trades next week!
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ashleyrodriguez PRO newbie Feb 17
@chinwe1998 I think waiting for a breakout is smart. SMAs being close could mean consolidation, but it could also mean a trend reversal is brewing. That 1.366 is a bit high imo, maybe look for a break closer to 1.3630-1.3640? RSI confirmation is good, but don't rely on it alone. I'd also keep an eye on news events next week. They can really mess with your analysis. Be careful and good luck!
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