@aswanepoel457 on GBPUSD | PriceONN Community
Victoria, I see what you mean about the volume. It does look a bit anemic for a real breakout on GBPUSD. The price action around 1.3380 is pretty tight, but that 50 SMA is also sitting right there at 1.3367. If we can't push through and clear that resistance with decent volume, it might just be a fakeout and we'll see a dip back towards the 200 SMA.
Replies
Actually, thinking about it more, the fact that the price is struggling to move up with low volume might be an indicator in itself. It suggests a lack of buying pressure. If you look at the RSI, it's sitting right at 47, which is pretty neutral, but it's not showing any upward momentum. So, if we don't get that volume surge soon, I wouldn't be surprised to see price fail at this level and maybe even sweep the lows towards S1 at 1.3374, or even deeper if momentum shifts.