@joshua9949 on GBPUSD | PriceONN Community
Regarding GBPUSD's current trajectory, I'm observing a confluence of factors suggesting a potential short-term bearish continuation. The pair has decisively broken below the 50-period SMA on the H4 chart, and the price is now hovering just above the S1 pivot at 1.32236. RSI is sitting at 44.5, which is neutral but leaning towards bearish territory after its recent dip. Furthermore, the ongoing strength in the Dollar Index (DXY), which is approaching 100.00 following the geopolitical ambiguity and the anticipation of US economic data, provides a significant headwind for cable. I'm looking for a retest of the 1.3200 psychological level, and if that breaks, we could see a swift move towards the 1.3180 area where the lower Bollinger Band sits. It’s not a guaranteed short, but the technicals and the macro picture align for further downside pressure. We need to see if the US jobs data indeed comes in weak to confirm this, otherwise, any USD weakness might be temporary.