@william5080 on GBPUSD | PriceONN Community
W
Just entered a short position on GBPUSD at 1.3360. The pair seems to be struggling to hold above the R1 pivot point, and with the S&P downgrading US debt outlook, I'm expecting some broader risk-off sentiment to push the dollar up, which should drag this pair lower. My target is 1.3320, and I'll set a stop loss just above 1.3380.
Replies
@william5080 Your short sounds reasonable given the technicals, but I'm looking for a sharp reversal now. That RSI is too low to ignore. Let's see if we can catch a bounce off these lows!
D
For @william5080, your short entry at 1.3360 seems a bit premature if we're looking at the intraday chart. The price has already pulled back significantly from there. I'd be more inclined to wait for a clear break below the S1 pivot (1.32896) or a retest of the 20 SMA (1.32864) before considering a bearish setup. But hey, everyone has their own strategy!