@AnjaliKumar67 on GBPUSD | PriceONN Community
Initiating a short position on GBPUSD at 1.3404. Price action confirms bearish divergence on the hourly chart, coupled with RSI nearing oversold conditions. Targeting 1.3385 as an initial profit target, aligning with the S2 pivot level. Stop loss placed at 1.3420, providing room for minor fluctuations while maintaining risk management.
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Update: The short position is currently in profit, albeit minimal. I've adjusted the stop loss to 1.3400 to secure some gains and reduce potential losses. Monitoring price action closely around the 1.3390 level, which corresponds to S1. A break below this level would provide further confirmation of bearish momentum, potentially leading to a retest of the 1.3380 support. Conversely, failure to break below S1 could signal a potential reversal. I'll re-evaluate around London open. Keeping an eye on news related to Brexit negotiations, as that could introduce unexpected volatility.