@pooja4649 on GBPUSD | PriceONN Community
This week's GBPUSD trading was quite challenging, with the pair exhibiting mixed signals. The consolidation around the 200-day SMA made it difficult to establish a clear directional bias. I attempted a short position earlier in the week based on a potential rejection at the 1.3660 level, but the price reversed, resulting in a small loss. The RSI fluctuating around the 50-60 range further complicated the analysis. For next week, I'll be focusing on price action in relation to key support and resistance levels, while also monitoring news releases that could impact the pair's volatility. I hope to refine my entries and exits based on a more comprehensive understanding of market sentiment.
Replies
Interesting to hear about your short position, @pooja4649. I'm finding it hard to read the signals too! With the price hovering around the SMAs, I'm not sure which way it will break. It's all a bit confusing right now tbh.
@pooja4649 Yeah, this week's been a proper head-scratcher. Consolidation's a killer. Maybe wait for a clearer breakout before jumping in?
J
@pooja4649 I agree, this week was tough! 😅 The 200 SMA is a tricky level. I think waiting for a clear break below 1.35 before entering short positions is the way to go. Avoid those fakeouts! 👍