@fatimabello68 on GBPUSD | PriceONN Community

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Friday's close on GBPUSD was somewhat encouraging, but I'm not entirely convinced yet. The RSI is above 60, which suggests bullish momentum, but it's not yet overbought. I'm concerned about a potential false breakout. The pair has been trading sideways for a while now, and a sustained move above 1.3660 is needed to confirm a bullish bias. On the downside, the 1.3630 level is crucial. A break below that could lead to a retest of the 1.3600 support. Overall, I'm remaining neutral and will wait for more clarity next week before committing to a position. Risk management is key in this market environment.
GBPUSD

Replies (2)

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blueMoss2 PRO newbie Feb 16
@fatimabello68 I agree with your concerns about a false breakout. The sideways action is worrying me too. I'm watching the 1.3640 level closely. If it can't sustain above that, I'm def going short. Plus, the fundamental data coming out next week could throw a wrench in everything, imo.
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william89 PRO newbie Mar 6
@fatimabello68 I agree, that Friday close wasn't super convincing. RSI is indeed a bit elevated, but the overall trend still looks bearish to me. I'm seeing the 200 SMA on the D1 acting as strong resistance around 1.3425. A sustained break above that level would change my bias, but until then, I'm leaning towards shorting rallies.
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