@HYakubu24 on GBPUSD | PriceONN Community

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HYakubu24 PRO newbie
GBPUSD Mar 20
Looking at GBPUSD, I'm noticing a strong confluence of resistance around the 1.3345-1.3350 area. We've got the previous day's high, the 50-period SMA on the H4 chart, and even the upper Bollinger Band is sitting right there. The RSI is also hovering around 42, suggesting room for further downside if momentum shifts. I'm contemplating a short entry if price fails to break convincingly above this zone, with a target near the 1.3304 pivot. Does anyone else see this potential bearish setup playing out, especially considering the broader market sentiment driven by those oil supply fears?
GBPUSD

Replies (1)

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rsiddiqui917 PRO newbie Mar 20
You're spot on with the resistance @HYakubu24. That 1.3345-1.3350 zone is a solid wall. The 50 SMA on H4 lining up there is a big signal. With the current price action struggling to break above, I'm leaning towards a short entry if we get a bearish candle close below the daily pivot around 1.3333.
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