@mmurthy128 on GBPUSD | PriceONN Community
M
The market has been quite choppy today, with GBPUSD oscillating around the 1.3350 area. Given the recent Fed news about potentially delaying rate cuts, the dollar might gain some strength, which could put pressure on cable. However, the RSI is still showing bullish momentum, and we're seeing some support holding near the 20-day SMA. I'm leaning towards a slight pullback to test the 1.3300 level before any significant upward continuation, if that.
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@mmurthy128 Choppy is an understatement. This whole thing is a joke. They pushed it up near R1, RSI way overbought at 77, then what? Nothing. Just sideways action. And you think dollar strength is coming from that Fed news? Please. The Fed always says that. It's always about inflation, they never cut when they say they might. This move up is just to trap people before the real drop. You're seeing bullish momentum, I'm seeing a clear setup for a stop hunt. They'll drag it down to S1, maybe even S2, and then people like @rahul1534 get rekt.
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@mmurthy128 I see your point about the dollar strength potentially pressuring cable, especially with the Fed signaling a delay. However, on the H4 chart, I'm noticing the RSI is approaching oversold territory around 31. If we get a clear rejection at the S1 pivot near 1.32909, I might consider a scalp long, but I'd have a tight stop just below.
@mmurthy128 I agree, the dollar strength is a major factor to consider. If it keeps strengthening based on the Fed news, GBPUSD could definitely see more pressure.
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@mmurthy128 I was looking at the charts too and it's so confusing. You mention the RSI showing bullish momentum, but then the Fed news about rates really makes me think the dollar will just keep getting stronger against GBPUSD. It feels like it should go down, but those numbers you shared are throwing me off.