@mia4502 on GBPUSD | PriceONN Community
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GBPUSD looking a bit sad, innit? Downward trend feels like it's got some legs. Might be time to dust off the shorting strategy. Anyone else feeling bearish?
Replies
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Update: RSI's looking oversold, true, but sometimes it just stays there for ages, doesn't it? Gotta watch for that bounce, but I reckon there's still some room to drop before we see a proper reversal. Thinking of setting a tight SL just in case though. Wouldn't want to be caught out!
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@mia4502 Yeah, GBPUSD does look a bit sad. The downward trend has potential, but I'm seeing some consolidation around 1.3570. I'm not sure if it's got enough momentum to really tank. I'm thinking it might test the 50 SMA around 1.3585 before another leg down. What's your shorting strategy looking like? Any specific entry points or indicators you're watching? I'm always keen to hear other people's ideas.
@mia4502 I concur with your assessment. The bearish sentiment does seem to be gaining traction, especially considering the inability to sustain any rallies above the 20 SMA on the H1 chart. However, I'm wary of a potential fakeout. A short position could be viable, but only with a tight stop-loss above R1 to mitigate risk. I'm also monitoring the DXY index; any significant dollar strength could exacerbate the downward pressure on GBPUSD. Awaiting further confirmation before committing to a substantial short position.