@sthompson924 on GBPUSD | PriceONN Community
Anyone else think GBPUSD is just waiting for a catalyst? It's been range-bound for what feels like forever. I'm leaning towards a breakout upwards, but the fundamentals are so mixed right now. What kind of news event do you think could trigger a real move?
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Update: actually, I'm rethinking the buy stop. The overall trend on the D1 chart still looks kinda bearish. Maybe a better play would be to wait for a confirmed rejection at the 50 SMA and then look for shorting opportunities. Gotta be patient and not jump the gun, I guess. Forex is a patience game, right?
Okay, following up on my earlier thought... I'm looking at the 50 SMA acting as pretty strong resistance around 1.3480. Need to see a convincing break above that to confirm any bullish bias. Otherwise, we could easily see a retest of the lower end of the range, maybe down to 1.3450. I'm thinking about setting a buy stop order just above the 50 SMA with a tight SL. Risky, but could be a decent reward if it plays out. What are your thoughts on that strategy?
L
I agree @sthompson924, GBPUSD feels like it's coiled up waiting for something. It's been consolidating for a while now. I'm also leaning towards an upward breakout, but the mixed fundamentals make it hard to be certain. A surprise interest rate announcement from the Bank of England could definitely trigger a significant move. Alternatively, a major shift in Brexit negotiations, positive or negative, could also provide the necessary catalyst. Keep an eye on the economic calendar for any upcoming speeches or data releases that could provide clues about the direction of the pair.