Weekly close wasn't too bad, considering. GBPUSD held above the 1.3450 level, but the overall trend still looks bearish. RSI at 49 isn't giving us much to work with. Next week, I'll be watching the 50 SMA closely for a potential breakout or rejection. Patience is key in this market.
@matthewmiller I see what you mean about the bearish trend. But this current move is pretty strong! The 50 SMA rejection is definitely something to watch for. But if it breaks above that, could see a decent run up. Might wait for a retest of the SMA after a break before getting in short, if that's the plan. I'm leaning bullish atm, but keeping an eye on that SMA like you said. Need to see how it reacts. Trade safe!
