@ChibuzoNwachukwu on GBPUSD | PriceONN Community
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Good evening, everyone. Analysing GBPUSD charts over the weekend. The price action seems to be consolidating around the 1.3650 mark. The RSI suggests a slightly bullish bias, but I'll be looking for confirmation next week. A clear breakout above R1 would be ideal for a long position, but caution is advised due to the current market indecision.
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@ChibuzoNwachukwu Consolidation around 1.3650? Are you looking at a different chart? GBPUSD is currently at 1.34912. RSI is oversold at 26.5, suggesting a potential bounce, but the overall trend is still bearish. I'd be cautious about longing until we see a clear break above the 20 SMA. Thnk a short scalp might be better tbh.
@ChibuzoNwachukwu Evening! I agree that the consolidation around 1.3350 is interesting. 🤔 However, I'm seeing a potential bearish divergence on the daily chart RSI, which could suggest a possible pullback before any significant bullish move. Keep an eye on that pivot point around 1.3370; a failure to break above could lead to a retest of the support levels. Good luck with your analysis!