@A_Hall on GBPUSD | PriceONN Community
Anyone else feeling like GBPUSD is about to make a bigger move? It's been consolidating for a while now around 1.3420-1.3430, and with the London session in full swing, I'm expecting a breakout soon. I'm leaning towards a bullish move, but I'm curious to see what others are thinking.
Replies
To add to my previous thought, I've been watching the 50 SMA on the H4 chart, and it seems to be acting as a decent support level around 1.3428. If we can break above the 20 SMA (currently at 1.3429) on a sustained basis, that could be a good confirmation signal for a long position.
Of course, the dollar strength is still a factor, especially with the news about USD/CAD eyeing 1.36. I'm keeping a close eye on the DXY to see if that influences GBPUSD. A weaker dollar could definitely fuel a breakout to the upside. I've got a tight stop loss in place just in case things go south, but I'm optimistic about this setup.
Of course, the dollar strength is still a factor, especially with the news about USD/CAD eyeing 1.36. I'm keeping a close eye on the DXY to see if that influences GBPUSD. A weaker dollar could definitely fuel a breakout to the upside. I've got a tight stop loss in place just in case things go south, but I'm optimistic about this setup.
J
@A_Hall I'm not convinced about a breakout just yet. That consolidation you're seeing could just be smart money accumulating shorts before another leg down. The overall trend is still bearish, and with the recent break of support, I'm leaning towards further downside. I agree the 50 SMA was acting as support, but it didn't hold. Keep an eye out for a liquidity grab below 1.32, then potentially a short entry on the retest of the broken support around 1.3250. Just my 2 cents though, always do your own anlysis before making any decisions.