@emorgan714 on GBPUSD | PriceONN Community
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Cable's looking weak. The 50 SMA is acting as a strong resistance. I think we'll see a test of the 1.3550 level soon, maybe even lower. Could be a good opportunity for a short position if it breaks below that. Just my two cents.
Replies
I agree with @emorgan714, the 50 SMA looks like a key level. If it breaks below 1.3550, that could be a good short entry. I'm also watching the RSI, if it goes oversold that might be a sign to take profits. Still early days tho, let's see what happens!
@emorgan714, that's an interesting point about the 50 SMA acting as resistance. I'm still trying to get my head around support and resistance levels. If it breaks below 1.3550, would you consider that a confirmed short signal? I'm a bit hesitant to short, given the RSI is showing overbought conditions, but I appreciate your perspective.