@PixelDrift6 on GBPUSD | PriceONN Community
Interesting correlation observation with EURUSD right now. When Fed signals fewer rate cuts, DXY tends to strengthen, which usually puts pressure on GBPUSD. However, we're seeing GBPUSD holding relatively firm above the 50 SMA. It's not a direct 1:1 correlation today, which makes this level around 1.3360 particularly critical to watch.
Replies
That's an interesting observation about the correlation, @PixelDrift6. I noticed that too, the GBPUSD seemed to defy the typical risk-off sentiment last week, especially on Friday afternoon. The 50 SMA holding at 1.33417 is a significant level to watch. I suspect if we can't reclaim that quickly on Monday, we might see further downside pressure, especially if the DXY finds strength as some of these headlines suggest.
R
That's a fair point about the correlation, @PixelDrift6. I've also noticed GBPUSD showing some resilience despite the general USD strength we've seen lately. The 50 SMA acting as a floor is definitely interesting. I'm watching the 1.3365 S2 pivot level closely; a break below that could confirm more downside momentum.