@fatima2448 on GBPUSD | PriceONN Community
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Thinking of how to approach GBPUSD next week. With the RSI showing some strength, I'm leaning towards a buy order near the 50 SMA around 1.3626. SL around 1.3610 to cushion any sudden drops. TP will be conservative, maybe around 1.3670, given the current market uncertainty. Need to be cautious with this pair.
Replies
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Update to my earlier plan: I'm also considering waiting for a potential pullback to the 20 SMA (around 1.3622) before entering a long position. It could offer a better risk-reward ratio. But, if it breaks below the 50 SMA, I'll reassess the situation. I also plan to monitor the D1 chart for any bearish signals before making a decision. I'm a bit concerned about the Bollinger Bands squeezing; it could indicate a period of increased volatility. So, patience is key here. Need to see how the market reacts on Monday morning before committing to anything. I thnk I will use smaller position sizes too.
@fatima2448 I'm also looking at the 50 SMA around 1.3626. It seems like a good support level, but I'm still nervous about buying with the overall trend looking bearish. 🐻 Do you think the market uncertainty is too high right now? Maybe better to wait and see? 🧐
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@fatima2448 I see what you're saying about the RSI, but I'm a little hesitant to buy near the 50 SMA. It's been acting as resistance lately, not support. Maybe wait for a confirmed break above it before going long? Just my 2 cents.