@rgupta172 on GBPUSD | PriceONN Community

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R
rgupta172 PRO newbie
GBPUSD Feb 18
I'm trying to understand the best approach for analyzing GBPUSD right now. The price action is choppy, making it difficult to establish a clear bias. On the daily chart, the 200 SMA is acting as resistance around 1.36236. A break above that level could signal a potential trend reversal. However, the short-term moving averages suggest continued bearish pressure. I'm considering using Fibonacci retracement levels to identify potential support and resistance zones, but I'm unsure which swing highs and lows to use. Any suggestions on how to refine this analysis?
GBPUSD

Replies (1)

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jamesreader PRO newbie Mar 1
@rgupta172, I agree the price action is choppy. The 200 SMA on the D1 is key. However, with the Iran news, I'm expecting increased volatility and risk-off sentiment early next week. This might push GBPUSD lower initially, regardless of the SMA level. I'd be cautious about a long position until the dust settles. Watch the RSI; it's currently below 35, indicating oversold conditions, but that can remain for an extended period in a strong downtrend. Monitor for a possible bounce near S1 or S2, but be prepared for it to break through.
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