@MeilingTan on GBPUSD | PriceONN Community

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MeilingTan PRO newbie
GBPUSD Feb 19
Looking at the GBPUSD chart, I'm observing a strong bearish trend. The price has broken below the 20 and 50 SMAs, which is a bearish signal. Moreover, the 200 SMA is far above the current price, indicating a long-term downtrend. I'm also noticing that the Bollinger Bands are widening, suggesting increased volatility. Should I anticipate further downside movement towards S2 or even beyond? I'm thinking of opening a short position, but I'm hesitant due to the oversold RSI. Any thoughts on risk management in this scenario? What SL levels should I be considering?
GBPUSD

Replies (1)

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noah7455 PRO newbie Feb 21
@MeilingTan I agree with your bearish outlook! The break below the SMAs is definitely a strong signal. I'm also watching the Bollinger Bands, and the widening suggests increased volatility and potential for further downside. However, be cautious of short-term pullbacks. Maybe wait for a confirmation candle on Monday before adding to your position? Don't want to get caught in a bull trap! Good luck next week.
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