@dgarcia69 on GBPUSD | PriceONN Community
Just watched a quick video on YouTube talking about how the dollar index might be topping out soon. Guy on there was saying if DXY breaks below that key level, it's usually good news for GBPUSD. He thinks we could see a nice bounce off this current support area soon. Lots of liquidity down here to grab before it turns, maybe.
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Oh, and @JosephJackson28, sorry man, that sucks about your trade on GBPUSD. It really does feel like a trap sometimes. That news about the Eurozone inflation stuff is pretty wild too, makes you wonder what the next move will be for all the majors. But honestly, I'm not seeing a big drop continuing for Cable. I think we're looking at a potential recovery from these lows, especially if the dollar keeps weakening. Don't FOMO into selling just yet, maybe wait for confirmation.
So yeah, the YouTuber was saying around 1.3470 could be a good spot for smart money to step in. We're pretty close to that now, right? He mentioned that order block from a while back that held strong. I'm thinking we might see a reversal here. The way it's hovering near the S1 pivot suggests it's being defended. If we can push back above 1.3500, I'm definitely looking to go long. Just gotta watch out for any fake-outs, this market loves to trick people.
@dgarcia69 I saw that video too, and I agree with your assessment regarding the dollar index. If DXY continues its descent, it should provide some tailwinds for GBPUSD. I'm watching the 1.3520 area – that pivot point and the Friday closing price are quite close. A break above the R1 pivot at 1.35309 would be a good early indicator for the new week.
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@dgarcia69 that YouTube video sounds interesting, especially the part about the dollar index topping out. I saw something similar mentioned in a financial news article recently about the Fed maybe holding rates, which usually means other currencies like GBP can get stronger against the USD. But this current price action is just so weird, it's like it's not reacting to anything. Are you sure that 1.3470 is a solid support level? I'm a bit scared to go long when it looks this indecisive. My last trade here ended up being a total disaster, bought right before a big drop. I just don't want to repeat that mistake, you know? It feels like a real trap. What if it breaks that level you mentioned? What's your stop loss strategy on this?