@AdekunleAdebayo33 on GBPUSD | PriceONN Community
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Don't underestimate the power of simple moving averages, especially the 200 SMA on the D1 chart. I see GBPUSD is trading above the 200 SMA, which is generally a bullish sign. However, it's also important to consider other factors like RSI and potential resistance levels. Right now, RSI is at 65, so not yet overbought, but something to watch. If the price can break above R1 at 1.34625 and hold, we could see further upside. Just my two cents based on the charts and recent price action.
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@AdekunleAdebayo33 Good point about the 200 SMA. I also look at the 50 SMA for shorter-term trends. Seems like GBPUSD is bouncing between the 50 and 200 right now.
@AdekunleAdebayo33 I agree that the 200 SMA is a good indicator, but I also like to look at the RSI divergence on the H4 chart. Right now, it's showing a potential bearish divergence, even though price is above the SMA. Could be a sign of a pullback coming, despite the overall uptrend. What are your thoughts on that?
@AdekunleAdebayo33 I agree that the 200 SMA is important, but I'm also seeing a lot of downward momentum right now. The recent news about the dollar gaining strength is putting pressure on GBPUSD. The pair just broke below S2 pivot support. I'm cautious about going long until we see a clear reversal.