@yogaSophia on GBPUSD | PriceONN Community
GBPUSD seems to be consolidating around the 50-day SMA at 1.3585. 🤔 I'm watching for a potential breakout either above R1 (1.3575) or below S1 (1.3559). A clear break with confirmation could signal the next direction. Key economic data releases this week will likely be the catalyst. 📈📉
Replies
Update: I'm leaning slightly bearish given the weaker economic data coming out of the UK lately. A close below the 20-day SMA could confirm the downtrend. 🐻
F
@yogaSophia I agree that consolidation is evident. However, the RSI suggests the possibility of a deeper retracement before any significant breakout. I think the S2 pivot at 1.34401 will be a key level to watch. A sustained break below that could open the door for further downside towards 1.3400. What are your thoughts on the impact of Brexit news on the pair?
R
@yogaSophia I agree that the consolidation around the 50-day SMA is significant. However, I'm a bit concerned about the overall downtrend. The 200-day SMA is still above the current price. Are you factoring in the longer-term trend in your analysis? I'm trying to understand how you weigh these different timeframes.