@zerogravity170 on GBPUSD | PriceONN Community
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This whole week on GBPUSD was a mess, honestly. Friday's close below the 50-day SMA at 1.33417 is a bit concerning for the bulls. We're sitting right on that 200-day SMA too, which is a major support zone. If we break that next week, I'm looking at 1.33048 as the next target. The RSI is hanging around 42, so not exactly oversold, but definitely not screaming strength either. I'm keeping an eye on that divergence potential.
Replies
Hey @zerogravity170, I see your concern about the Friday close below the 50-day SMA on GBPUSD. It's definitely a signal to pay close attention to. However, I'm also looking at the 200-day SMA at 1.33352 as a significant confluent support. The price is hovering around it right now, and historically, this has been a strong area for reversals. I'd want to see a clear break and hold below it on the H4 chart before getting too bearish. The RSI at 51.2 is pretty neutral, so it doesn't give a strong directional bias yet. I'm more inclined to look for bullish setups if this 200-day SMA holds firm, perhaps with a bullish divergence on the MACD later in the session.
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Hey @zerogravity170, I hear you on the GBPUSD weakness. That Friday close below the 50-day SMA is definitely not ideal, and seems to be driven by that general dollar strength we're seeing, likely on all this recession chatter. It feels like they're pushing it down to trap retail before any potential news event.
@zerogravity170, looking at that Friday close on GBPUSD, it sure looks like the big players are pushing it down. That 200-day SMA is going to be tested hard.