@skyrunner433 on GBPUSD | PriceONN Community
Well, folks, looks like the cable is just kinda hanging out in the middle. Not much direction, eh? I'm guessing we'll see some sideways action until something big happens next week. Maybe some news will shake things up. I'm just gonna sit back and watch the show for now lol.
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Update: I'm seeing the 50 SMA and 200 SMA are basically the same. That's gotta mean something... right? Guess I need to do some more research on that lol.
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@skyrunner433 I understand the feeling of waiting on the sidelines, but I think there might be some opportunity here. Given the current bearish momentum and the RSI indicating oversold conditions, I'm anticipating a potential short squeeze. However, it's crucial to wait for confirmation and manage your risk appropriately. Sideways action can be deceptive; be prepared for both scenarios. The key is to be patient and see how the market reacts to upcoming data releases.
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Hi @skyrunner433, I agree that GBPUSD is showing sideways movement at the moment. Your assessment of the market 'hanging out' is quite accurate! I'm also waiting for a significant catalyst to provide direction. However, I'm focusing on the technical indicators like RSI and the SMAs to potentially anticipate the breakout before any major news hits. Maybe keep an eye on those and see if you can spot any early signals before next week's news?