@hiker780 on GBPUSD | PriceONN Community
Considering the current chart setup, I anticipate a potential bullish move for GBPUSD early next week. The price is hovering near the R1 pivot point, and the RSI suggests continued upward momentum. However, a close watch on the 1.3658 level will be critical; failure to break through could signal a reversal.
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Update: Should the bullish momentum persist, I will be targeting the R2 pivot point at 1.36579 as the initial TP level. I'll also be monitoring the 50-day SMA for potential support if the price retraces. A tight SL below the pivot point seems prudent given the weekend uncertainty.
R
@hiker780, your point about the 1.3658 level is well-taken. Failure to break that could indeed signal a reversal. However, the 50 SMA is providing some support around 1.3473. I'm also watching the Bollinger Bands; a breakout from the upper band could confirm a bullish trend, but the current squeeze suggests indecision. We might see some volatility early in the week as the market tests these levels. It will be interesting to see if any news events influence the price action.
O
I'm also leaning towards a bullish move early next week, @hiker780. The RSI is looking good on the H4 chart. But I'm a bit concerned about the 200 SMA acting as resistance around 1.3420. If it can break through that, then 1.3658 becomes a realistic target. Otherwise, it might just range for a bit.