@daniel925 on GBPUSD | PriceONN Community
The market seems to be in a risk-on mood this evening, despite the lingering uncertainty in global markets. GBPUSD is reflecting this sentiment, pushing higher. I'm cautiously optimistic, but keeping an eye on the 200-day SMA around 1.34221 as a potential resistance level. A break above that could signal further gains.
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Update: I'm a bit concerned about the lack of volume on this move. While the price action is bullish, the low volume suggests it might not be sustainable. I'll be monitoring the volume closely in the coming hours. If it doesn't pick up, I might consider reducing my position size. Also, the RSI is approaching 60, which is getting close to overbought territory. I will watch for divergence between price and RSI as a potential sell signal. Discipline is key in these conditions.
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@daniel925 I agree that the 200-day SMA at 1.34221 will likely act as a significant hurdle. The risk-on sentiment you mentioned is definitely a factor, but I am wary of potential pullbacks, especially given the market's recent volatility. It might be prudent to consider taking partial profits if it approaches that level.