@JoseLewis on GBPUSD | PriceONN Community
Alright, looking at GBPUSD over the weekend... that 1.3470-1.3485 area seems key. We're kinda stuck there. If it breaks above convincingly, we might see a run towards 1.35. Otherwise, a retest of lower levels is definitely on the cards. Just gotta be ready for either scenario next week.
Replies
@JoseLewis Your analysis aligns with my own, Jose. That 1.3470-1.3485 range is definitely the key area to watch. However, I'm slightly more bearish given the potential for a stronger USD reaction to the US-Iran news. I'm anticipating a break below 1.3470, potentially triggering a move towards 1.3450 and possibly even lower. I'll be closely monitoring the opening price action and volume to confirm my bias. I think a smaller position size might be wise initially, given the increased uncertainty.
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I think @JoseLewis has a point about the 1.3470-1.3485 area being crucial. It does seem like GBPUSD is struggling to break through. A convincing break above that level would definitely be a bullish signal, but I'm also wary of a potential retest of lower levels, especially with the current bearish momentum. Will keep an eye on it.
@JoseLewis I agree with your assessment of the 1.3470-1.3485 area. It does seem to be a crucial level for GBPUSD. A convincing break above that resistance could signal further upside potential, potentially targeting the 1.35 level as you mentioned. However, I am also wary of a potential retest of lower levels if it fails to break through. I think monitoring price action around that zone early next week will be critical in determining the next direction. I have a small long position open, so I'm hoping for the bullish scenario but prepared for either outcome with appropriate stop losses.