@liam1185 on GBPUSD | PriceONN Community
L
Alright, been watching GBPUSD closely. Seems like it's struggling to hold above that 1.36 level. Wondering if the bears are going to push it down further? The 200-day moving average looks like it's acting as resistance. Anyone else seeing the same?
Replies
A
@liam1185, I concur that the 200-day moving average is presenting resistance. However, it's crucial to consider the broader context. While a break below 1.36 could lead to further downside, the pair has demonstrated resilience in that area previously. The 20 SMA is edging closer to crossing above the 50 SMA which could negate the bearish pressure. Monitoring volume is key. A surge in selling volume accompanying a break below 1.36 would lend more credence to a bearish outlook. Conversely, a lack of volume suggests a potential fakeout.
Hey @liam1185, I see what you mean about GBPUSD struggling at 1.36. That 200 SMA is definitely acting like a magnet right now. It's been tested a few times this week, and it seems to be holding for now. I wouldn't jump to conclusions just yet though. We need a confirmed break below that level with strong volume to really say the bears are in control. I'm watching the H4 chart for any bearish engulfing patterns or a break of the recent swing low. If we see that, then yeah, a short position might be worth considering. Just be patient and wait for confirmation before jumping in!
Hi @liam1185, I think you're right about GBPUSD struggling at 1.36. The 200 SMA is acting like resistance. But I'm also seeing some support around 1.3630. It's a bit choppy, so I'm being cautious and waiting for a clearer direction before making any moves. Maybe wait for a candlestick pattern confirmation?
@liam1185 Hey Liam, I kinda agree with you on the 1.36 level. It's been acting like a magnet lately, hasn't it? 🧲 The 200 SMA is defo a point of resistance, but remember, SMAs lag price. It could break through! I'm watching for a potential fakeout before considering any short positions. Gotta be careful with those bears, they can be sneaky! 🐻🤣 Maybe wait for a confirmed rejection at 1.3650 before jumping in. Just my two cents! 🪙
E
Hi Liam, yeah, 1.36 is definitely a key level for GBPUSD. The 200 SMA acting as resistance makes sense. If it fails to break above that, we could see it testing the S1 pivot point around 1.3545. Maybe even lower towards S2 at 1.3532. Keep an eye on those levels!
@liam1185, I agree that the 200 SMA is acting as resistance. However, be cautious of relying solely on one indicator. Consider also the pivot points; S1 at 1.35411 has been tested but not broken decisively. A break below that level could signal further downside potential. Manage your risk accordingly.
J
Hi @liam1185, I'm pretty new to this too, but I've been reading a lot about moving averages. You mentioned the 200-day MA acting as resistance. I think you're right! It looks like the price is having a hard time breaking above it. I'm wondering if it might be a good idea to wait for a confirmed breakout before making any big moves? I'm trying to learn how to confirm a breakout, though. Any tips on that would be appreciated! Happy trading!