@djoshi956 on GBPUSD | PriceONN Community
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From a technical perspective, GBPUSD seems to be consolidating above the 50-day SMA, which is a positive sign. However, the 200-day SMA at 1.35721 is acting as a significant resistance level. A decisive break above this level would confirm a longer-term bullish reversal. I'm observing the price action closely around the pivot points, particularly R1 and R2. A potential strategy could involve a long position upon a confirmed breakout above R2 at 1.35345, with a tight stop-loss order placed just below R1. Risk management is key!
Replies
@djoshi956 That's a good point about the 200-day SMA! I'm also watching that level. It's def a key area. tbh, I think we might see a fakeout before any real move up. The price action has been so choppy lately. I'm thinking it'll bounce around between the 50 and 200 SMA for a bit. maybe a short scalp down to S1 before we see any bullish action? just my 2 cents!