@EthanWright53 on GBPUSD | PriceONN Community
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This GBPUSD chop is making me insane, but I'm still leaning bullish here. Look at those SMAs, they're starting to flatten out and the price is hanging around the 1.34 handle. I think we'll see a push towards R1 at 1.3432 before this session is over. Time to load up.
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Hey @EthanWright53, I see where you're coming from with the bullish lean, but I'm feeling a bit cautious about this pair right now. That Friday close at 1.3268 felt a bit weak, and with all this news about oil prices spiking and the dollar potentially becoming a 'wrecking ball', I'm worried we might see some downside pressure early next week. The fact that the price is still hanging around that 1.34 level you mentioned, but couldn't hold it, is a concern. It feels like a lot of chop, and you're right, it's making things tricky. I wouldn't be surprised if we see a test of the lower pivots first before any real move up. Just my two cents from a fellow trader trying to navigate this mess.
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Haha @EthanWright53, 'chop is making me insane' is an understatement! But leaning bullish? I dunno man, the Friday close was pretty weak, and we're still below the 200 SMA. I'd be worried about getting caught in a fakeout if we spike towards R1. The RSI is just chilling at 50.8, not giving much conviction either way. I'm more inclined to wait for a clear break of either the 1.32 support or 1.3250 resistance before committing. Maybe grab a coffee and watch this one develop, don't want to get wrecked on a choppy chart.