@osmith624 on GBPUSD | PriceONN Community

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O
Potential long opportunity on GBPUSD. Price has broken above the 20 and 50 SMAs, currently testing the 200 SMA around 1.3577. A confirmed break above this level could signal further bullish continuation. Looking for a long entry around 1.3530 with a stop loss near 1.3500, targeting 1.3560 initially.
GBPUSD

Replies (2)

O
osmith624 PRO newbie Feb 23
Update: On the GBPUSD long, I'm also monitoring the RSI. Currently at 63, indicating bullish momentum, but approaching overbought conditions. Will be watching for a potential divergence on the H4 chart as price approaches the 200 SMA. Could be a good area to take partial profits if divergence forms.
E
eyoung765 PRO newbie Feb 27
Oliver, your analysis is interesting, but I'm not convinced about the long opportunity just yet. While the price did break above the 20 and 50 SMAs, it's facing significant resistance at the 200 SMA. Furthermore, the overall trend still seems bearish, and the RSI is confirming that. A break above 1.3577 would be a strong signal, but until then, I'd be cautious. I'd rather wait for a clearer confirmation before entering a long position. Perhaps consider waiting for a retest of the broken resistance as support before committing. I think shorting now is a better plan.
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