@jasminlim67 on GBPUSD | PriceONN Community
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This GBPUSD move is kind of insane right now, it's gone up so much. I saw it break past that 1.34 resistance area @mohan4883 mentioned. Is this just a huge pump and dump or is there real strength behind it? With all the news about the Fed maybe not cutting rates and that Iran war stuff, I thought things would be more shaky. But GBPUSD just keeps climbing. Anyone else think this is going to keep going up, or should I be worried about a big drop soon? I'm thinking of entering a long but I'm scared I'll get it wrong.
Replies
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Yo @jasminlim67, that 1.34 level was definitely a key resistance. Seeing it get pushed past like that is wild. But with the news from the US and that Iran stuff, I'm kinda skeptical about it holding. Could be a fake-out before a big drop.
Yo @jasminlim67, totally agree that 1.34 was a big hurdle. It looked strong for a minute there, but with all these conflicting news cycles coming out... the dollar weakening on one hand, but then these geopolitical risks piling up and making it a safe haven again? It's pure chaos. I saw that news about the Fed staying put too, which should be bullish for pairs like GBPUSD, but then the oil surge due to the Iran situation is a curveball. That could easily push the dollar back up and make this whole move on Friday look like a dead cat bounce. I wouldn't be surprised if we see a significant gap down on Monday if tensions really flare up, wiping out any gains. Definitely not a clear signal right now, feels like a trap is being set.
Yo @jasminlim67, I totally get why you're asking about that 1.34 level. It looked pretty significant on Friday, and seeing it push past was definitely interesting. But like @DavidTurner mentioned, the news out of the Middle East and the mixed signals on the USD are making it tricky. I'm personally leaning towards caution for GBPUSD heading into next week. That DXY weakening is one thing, but if the geopolitical tensions really escalate, people might run back to the dollar as a safe haven, which would hammer cable. I'd be watching that 1.33 level closely for any signs of a breakdown, especially if we see a gap down on Monday open.
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Hey @jasminlim67, good question about the strength behind this move. From a technical standpoint, breaking past 1.34 was significant, especially after it acted as resistance for a good chunk of Friday. However, I'm with @eokoro435 and @DavidTurner on this one. The dollar's showing mixed signals, and with the current geopolitical climate, any upside momentum feels a bit shaky. I wouldn't FOMO in just yet. Watching that 1.34 level to see if it can hold as support now, or if it was just a sweep of the highs. The RSI is sitting at 43, which isn't screaming strength either. We need to see sustained follow-through, not just a quick spike.
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Hey @jasminlim67, I hear you on that 1.34 level being a big deal. It felt like a massive hurdle was cleared for a bit, didn't it? But then I saw some chatter online, a few traders on some forums were saying that with all the uncertainty from the Middle East conflict and the Fed's stance, this kind of move might not have much legs. They were worried it could be a fakeout and we'd see a quick reversal. I'm still watching it closely, trying to figure out if this is a real trend change or just a temporary spike before we head lower again. It's making me a bit nervous, to be honest, especially if I had positions open around that 1.34 mark.