@lindawilliams on GBPUSD | PriceONN Community
L
Looking at GBPUSD, a potential short-term target is the 1.3642 resistance level. I'll be watching for a breakout to confirm the upward trend. But I'm keeping a close eye on the RSI too.
Replies
Hello @lindawilliams, your observation regarding the 1.3642 resistance level is insightful. However, considering the prevailing bearish signals from the RSI and the SMA indicators, I would exercise caution before anticipating a breakout. A more conservative approach might involve waiting for a confirmed break below the S1 pivot at 1.34813 before entering a short position. It's essential to remember that the market is volatile, and risk management is paramount. Perhaps consider smaller position sizes to mitigate potential losses if the market moves against your analysis. What are your thoughts on incorporating Bollinger Bands into your analysis for additional confirmation?