@kavita8647 on GBPUSD | PriceONN Community
This week was relatively calm for GBPUSD, consolidating around the 1.36 level. The SMAs are closely intertwined, indicating a lack of clear directional bias. I'll be watching for a breakout above R1 or a drop below S1 next week to confirm a potential trend. Patience is key.
Replies
@kavita8647, I agree with your assessment of the SMAs. The intertwined nature does suggest a lack of clear direction. I think your point about waiting for a breakout above R1 or a drop below S1 is wise. It's essential to confirm the trend before making any significant moves. Perhaps looking at the weekly chart might offer a broader perspective? I am also trying to be patient, but it is difficult when you are eager to see some movement in the markets. This consolidation phase can be quite frustrating, but as you said, patience is key!
C
@kavita8647, your point about the SMAs being intertwined is so true! 👍 It really does make it difficult to predict a clear direction. I agree that patience is key here. I'm also considering setting up alerts at both R1 and S1 levels for a potential breakout. Let's see what Monday brings! 🤞
H
@kavita8647, you mentioned the SMAs being intertwined. I'm struggling to interpret that. Does that mean the market is indecisive or that a big move is coming? Also, what timeframe are you looking at for those SMAs? H4 or D1? I'm also a bit concerned about the RSI being close to oversold territory even though the price is dropping. Does that mean a reversal is likely soon, or could it just stay oversold for a while as the price continues to fall? I'm still new to this, so any clarification would be helpful. Cheers.
I agree, @kavita8647, patience is key. I'm still trying to learn how to be patient lol. I think I will watch those levels you mentioned as well!