@amandamartin65 on GBPUSD | PriceONN Community

update: Might wait for a retest of 1.364 before entering. Don't want to get caught in a fakeout. Gotta be patient!

@amandamartin65 I agree that the 200 SMA is providing some support, but I'm not convinced it's a strong bullish signal just yet. RSI is neutral, so it's not giving us much of a clue. A break above 1.365 could be interesting, but I'd want to see some solid volume behind it first. Your SL at 1.3625 seems reasonable, but be prepared to move it if things get choppy. I think this pair is very headline driven atm. I'm staying cautious. 🧐

@amandamartin65, I saw your post about GBPUSD and your thought on adding to your long position. I am curious about your risk management strategy. You mentioned a stop loss around 1.3625. Given the recent bearish trend, are you concerned about a potential break below that level, or do you feel confident in the 200 SMA holding? I am still learning about support and resistance levels, and it seems like 1.36 is an important level to watch. Do you have any resources that helped you learn about identifying key support and resistance levels, particularly for GBPUSD? Thank you!

Hi @amandamartin65, I'm not so sure about the bullish outlook on GBPUSD. While the 200 SMA is a key level, it's already been tested multiple times. Plus, the current downward momentum is pretty strong. A break below 1.355 could invalidate the bullish scenario, imo. I'd wait for more confirmation before adding to your long position. Maybe watch the RSI for divergence?

@amandamartin65, I see what you're saying about the 200 SMA holding, but I'm a bit cautious about adding to longs at this point. With all this news about Iran, risk sentiment could change rapidly. I'm thinking a better strategy might be to wait for a clear break above 1.35 before adding to longs. Your SL at 1.3625 seems a bit tight to me, personally. I'd maybe give it a bit more breathing room, especially with the potential for volatility. Just my two cents, of course.