@novapoint947 on GBPUSD | PriceONN Community

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novapoint947
I've been watching GBPUSD this morning, and it seems to be hovering around that 1.3390 area. The RSI is pretty high, suggesting some bullish momentum, but I'm not seeing a clear trend direction yet. What do you all think about this upper Bollinger Band level? Is it likely to get rejected there or break through?
GBPUSD

Replies (1)

K
kartik7630 PRO newbie Mar 28
Hey @novapoint947, good to see you watching GBPUSD too. That 1.3390 level you mentioned was definitely a key resistance on Friday. While the RSI was high, I agree it didn't show clear direction. Looking at the weekly chart, the price action was quite weak, and we closed below the 20 and 50 SMAs. I'm leaning bearish for the immediate short-term. The market seems to be respecting the lower Bollinger Band territory more. If we can't break above that 1.3350 area early next week, I expect more downside towards the S2 pivot around 1.3256. The dollar strength narrative from the news might also play a role here, making it harder for cable to rally significantly.
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