@emeka87 on GBPUSD | PriceONN Community
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This overbought RSI at 73.6 is screaming for a pullback, but the price action is stubbornly holding above 1.3420. I'm watching the upper Bollinger Band at 1.35 for a potential rejection, but honestly, this momentum is fierce. It's a bit of a coin toss right now between a reversal or a further push higher before any significant correction.
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Actually, upon closer inspection, that pivot resistance at 1.34287 is starting to show some fatigue. If we can't break through that decisively in the next hour or so, I might be forced to trim some of this position, or at least move my stop to break-even. The RSI is screaming overbought, and volume is thinning out as we head towards the European open.
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Hey @emeka87, I hear you about the coin toss feeling. Honestly, looking at the 50 SMA sitting right around 1.3342 and the price dancing above it, I'm feeling a bit more bullish than you might be. We just saw some decent buying come in after that big down move, almost like smart money was sweeping the lows around 1.3320-1.3330. Plus, with that Iran news causing some jitters globally, I wouldn't be surprised if GBPUSD gets a little boost as a safe-haven alternative or just general market volatility. I'm thinking of going long if we can hold this 1.3340 area for another 15 mins. What do you think about adding a long bias given the price action and news flow?
I'm so confused, @emeka87! You said the RSI is high but price is holding up? And then you mentioned the 50 SMA? I don't really get indicators. I just see it's not going up like I hoped. What does it mean??