@tyler2467 on GBPUSD | PriceONN Community

And that jobs data actually wasn't that bad for the dollar, which is why I was a bit surprised to see GBPUSD holding up somewhat. But if you look at the weekly chart, we're still below the 50 SMA and the trendline is clearly bearish from the highs. I'm thinking if we get a gap up, it's just a trap before another leg down towards 1.31. The RSI is still screaming oversold, which is a good sign for a bounce, but I'm not betting the farm on it. I'll be watching that 1.3200 level like a hawk. If it breaks decisively, I might even throw a small short on, just to catch a bit of that momentum before the real move happens.

@tyler2467 I see your point about the dollar strength from the jobs data, but I'm honestly more worried about the overall trend. That weekly close below the 50 and 200 SMAs is a big red flag for me. Even though the RSI is low, which usually signals oversold, the news about oil prices and the potential for the Fed to hold off on rate cuts due to inflation concerns could really push the dollar even higher. I'm not convinced we'll see a gap up; I'm more fearful of a gap down. I'm not looking to go long at all right now, I'd rather wait and see if we break below that 1.31848 S2 pivot.
I also think the strong US jobs report might have been a bit of a double-edged sword – good for the dollar, but perhaps bad for pairs like GBPUSD if the Fed gets hawkish. I'm definitely going to be cautious next week.