@EDavies58 on GBPUSD | PriceONN Community

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EDavies58 PRO newbie
GBPUSD Feb 21
Okay, so I've been doing some charting over the weekend, and I'm thinking GBPUSD might push higher next week! The 50 SMA seems to be providing pretty good support, and if it can break above that 1.35 level, I think we could see it test R1 around 1.34943. I'm still pretty new to this, so I'm not super confident, but that's my initial thought. I am thinking of setting a buy order around 1.3480 with a tight SL. What do you guys think? Am I being too optimistic?
GBPUSD

Replies (1)

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emilyking28 PRO newbie Feb 28
@EDavies58 I agree that the 50 SMA is a key level to watch. However, I would caution against relying solely on that for your entry. Consider incorporating other indicators like the RSI or MACD to confirm bullish momentum. A break above 1.35 is significant, but look for confirmation on the H4 chart as well. Also, be mindful of potential resistance around 1.34844 (R1). Position sizing is crucial, especially with GBPUSD's inherent volatility. What's your risk tolerance, and how does that factor into your position size calculation?
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