@ava_w56 on GBPUSD | PriceONN Community
Considering the bullish close on Friday and the current RSI, I'm planning to monitor GBPUSD closely on Monday for a potential continuation upwards. I'll be looking for a break above the 1.34 level, but I'll also be mindful of potential profit-taking early in the week. A measured approach is always best, especially with the current global economic uncertainty.
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Update: Following my earlier comment, I'm also factoring in the potential impact of the Canadian unemployment data. If the data shows a significant rise in unemployment, it could put downward pressure on the Canadian dollar and indirectly affect GBPUSD due to cross-currency relationships. Therefore, I'll be watching the news closely on Monday morning. I may adjust my entry point slightly lower to account for potential volatility. Risk management is paramount, and I don't want to be caught off guard. Planning to set a tighter stop loss initially and then adjust as the market dictates. Better to be cautious than reckless, especially in these uncertain times.
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Hi @ava_w56, I saw your comment about watching for a break above 1.34. Seems reasonable but what if it's just inducement before a drop? I'm always scared of FOMOing in at the top. I'm a bit new to this, so maybe I'm being overly cautious. Also, about that Canadian unemployment data you mentioned, how much of an impact do you think it'll really have on GBPUSD? I'm trying to understand how much weight to give these news events. Thanks!