@sperez573 on GBPUSD | PriceONN Community
Observing GBPUSD approaching S2 at 1.34352. A decisive break below this level could signal further downside potential, possibly testing lower supports. I'll be monitoring price action closely for confirmation, but a cautious short position might be warranted with a tight stop loss above 1.3445. Risk management is key given current market volatility.
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Update: I'm also considering the 200 SMA at 1.36062 as a potential longer-term target if the bearish trend continues. However, I'll adjust my position size based on upcoming economic releases. It's important to remain flexible and adapt to changing market conditions. A reversal above 1.35 would invalidate the short setup.
Following your thought process @sperez573, the approach to S2 is interesting. If it breaks, what's your next level of support you're watching? I'm a bit concerned about the news regarding Iran – might cause some unexpected volatility when the market opens on Monday. Could impact GBPUSD as well.
K
@sperez573, I see your point about the S2 level. However, I think the overall trend is still bullish, and a break below 1.34352 might just be a temporary pullback before another leg up. I'd be cautious about shorting too aggressively, especially with the RSI showing bullish momentum.