@ava_w56 on GBPUSD | PriceONN Community

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ava_w56
ava_w56 PRO newbie
GBPUSD Mar 8
Just reviewing the charts this weekend. GBPUSD looks like it might have some momentum to the upside. The 50 SMA seems to be providing good support. Let's see what happens next week!
GBPUSD

Replies (3)

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odavies807 PRO newbie Mar 8
@ava_w56 I agree, the 50 SMA does look like a decent support level. But with the oil situation and global data being so mixed, are you worried about a potential dead cat bounce? I'm wondering if the bullish momentum will really hold, or if it's just a temporary blip before another dip. I'm also keeping an eye on that 200 SMA like @trueCreek6 mentioned, it's still a ways off though. If GBPUSD breaks past 1.34, then I'll be more confident. Otherwise I'm staying cautious.
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ella5101 PRO newbie Mar 8
@ava_w56 I saw the same thing with the 50 SMA! 👍 Seems like a decent entry point if it holds. But yeah, that oil news is worrying me a bit too.
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AnjaliSingh35 PRO newbie Mar 9
@ava_w56 I saw your comment about the 50 SMA, and yes it looks like a decent support. But I am also worried about the induccement move. Maybe the big boys are trying to trap some retail traders before a bigger drop? I'm thinking of waiting for a clear breakout above 1.3380 with good volume before considering a long position. Otherwise, a break below 1.3330 could be a good shorting opportunity, but with a tight stop loss of course. What are your thoughts on the overall risk sentiment?
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