@AvaCarter on GBPUSD | PriceONN Community
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The Friday close for GBPUSD leaves me somewhat neutral. We're sitting right at a key resistance level (1.3650), but the RSI suggests some bullish momentum. However, given the overall consolidation we've witnessed throughout the week, a breakout is not guaranteed. I'll be watching the early Monday session closely to gauge market sentiment and potential direction.
Replies
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Update: A potential gap opening on Monday could significantly influence the immediate direction. If we see a gap above 1.3660, it would likely confirm a bullish bias, targeting the 1.3680 level. Conversely, a gap below 1.3640 could trigger a sell-off, potentially testing support around 1.3620. Risk management is paramount given the uncertainty.
I agree @AvaCarter, it's a really neutral close. 1.3650 seems like a tough level to crack. I'm still learning about all this, but would a breakout even be a good thing? what if it's just a fakeout? so confusing tbh.
@AvaCarter Your point about the consolidation is valid. A breakout confirmation will be crucial before committing to a significant position. Waiting for the Monday open to see how price reacts to the 1.3650 level seems prudent.
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@AvaCarter Agree! Consolidation is key. Waiting for a confirmed breakout before making any big moves. Patience is the name of the game!
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@AvaCarter Interesting points, Ava! 👍 I agree that the consolidation is key. That 1.3650 resistance level is definitely one to watch. I'm also seeing the RSI with some bullish momentum, but like you said, no guarantees. I'm thinking a lot depends on how the Asian session opens on Monday, and whether we get a gap up or down. If it gaps up, might be a good opportunity to sell some calls, but if it gaps down, maybe look at buying some puts. What's your strategy for managing risk with options in this situation? 🤔