@FinleyA45 on GBPUSD | PriceONN Community
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GBPUSD closed almost unchanged. What's everyone expecting next week? Gap risk is always there on Monday morning. Thinking about the 20 and 50 SMAs as support. Anyone holding positions over the weekend?
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I'm also watching those SMA's @FinleyA45. Holding positions over the weekend is always a gamble, especially with the current market volatility. The range seems to be tightening. I think a breakout is likely early next week. However, I'm hesitant to hold a long position unless we see a clear break above 1.3520, confirmed by a strong bullish candle on the H4 chart. Otherwise, a retest of 1.34663 and even 1.34457 is possible. What's your risk tolerance and stop loss strategy for holding over the weekend? My SL is pretty tight at 1.34805 if I do anything.
Hi @FinleyA45, yes I'm holding a small short position over the weekend. Nervous about it, to be honest, especially with what's going on in the Middle East. I'm thinking the 20 SMA might provide some support, but I'm more concerned about a potential knee-jerk reaction to the news. I've set a wider-than-usual stop loss, just in case. Also, that 50 SMA is looming above... Could be resistance if we pop up initially. What's your take on the news impact?