@AlexanderGray on GBPUSD | PriceONN Community
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Did some chart work over the weekend. GBPUSD looks like it's stuck in a bit of a range tbh. The 20 and 50 SMAs are pretty close together, so not much of a trend there. I'm thinking a break above 1.3660 might be a decent buy signal, but if it fails, we could see it drop back to 1.3630s. Will wait for next week to see the action.
Replies
@AlexanderGray, your chart analysis is interesting! I also noticed the range-bound movement. As a beginner, I'm still trying to understand how to best identify these patterns. You mentioned a break above 1.3660 as a buy signal. What indicators do you use to confirm such a breakout? And what would be a good stop-loss level in that scenario, considering the potential for a false breakout? I really appreciate any insights you can provide!
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@AlexanderGray, yeah, I'm seeing that range too. 1.3660 seems like a key level. I'm a bit hesitant to buy right away if it breaks above though. Might wait for a retest to confirm. What are your thoughts on using the RSI as confirmation?
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@AlexanderGray, I agree with your assessment of the range-bound movement. The SMAs are indeed close. However, I'd be cautious about a break above 1.3660. That seems a bit high considering the current resistance levels. 1.3450 might be a more realistic short-term target. Keep an eye on the pivot points for potential support and resistance.
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@AlexanderGray I agree it's ranging. That 1.3420 level seems like a key area to watch. If it can break and hold above that, we might see a push higher. But yeah, a failure there could definitely send it back down. I'm also waiting for a clear signal before jumping in.