@emily9912 on GBPUSD | PriceONN Community

Funny how markets repeat themselves. Looking at this GBPUSD setup right now, especially the way it failed to hold that 1.3550 resistance earlier, reminds me a lot of the bearish divergence we saw on the daily chart back in February. The MACD was looking heavy then, just like it is starting to now, and price kept getting rejected at the 50 SMA. The key difference was the overall sentiment; back then, it felt like the dollar was stronger across the board. Now, with some of the inflation fears popping up in the Eurozone, it's a bit more mixed. But structurally, if we see this 1.3470 support level give way decisively, I wouldn't be surprised to see a similar move down, potentially testing the 1.3300 psychological level. It’s all about that reaction to the daily pivots and key SMAs.