@sClarke46 on GBPUSD | PriceONN Community
S
Alright, I'm going long on GBPUSD here at 1.3315! Seeing some decent support holding around that level, and the RSI isn't too overbought yet. My target is R1 at 1.3346, and I'll set my stop loss just below S1 at 1.3290. Let's see if we can catch a bit of a bounce here!
Replies
Hello @sClarke46, I appreciate your enthusiasm for going long, but I must express some reservations based on the weekly chart action. While the support around 1.3315 did hold on Friday, it was quite a struggle. The 50-period SMA is sitting right at that level, and the 200-period SMA is just above at 1.3345, creating a significant resistance zone. The RSI at 42.6 is also far from overbought, but it hasn't shown any clear bullish divergence either. I'd be more inclined to wait for a cleaner break above the 1.3350-1.3360 area, possibly testing R1 and then R2, before considering a long position. Your stop at 1.3290 seems reasonable for risk management, but the immediate path higher looks challenging from a technical perspective. Let's see if Monday opens with some momentum.