@amelia9796 on GBPUSD | PriceONN Community
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Initial analysis of GBPUSD suggests a potential for upward movement, despite the neutral trend indicated by the RSI(14) at 46.4. The price is currently hovering around the pivot point of 1.35585, and a break above R1 at 1.3565 could signal a bullish continuation. Monitoring the 20-day SMA at 1.35494 as immediate support!
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Update: A closer look at the Bollinger Bands shows that the price is near the upper band (around 1.36), which could act as resistance. However, if it breaks through, we might see a test of R2 at 1.35716. I'll be watching for confirmation signals on the H4 chart. Exciting possibilities!
Hi @amelia9796, interesting analysis! I agree that breaking R1 would be bullish, but I'm a little hesitant with the current global uncertainty. Do you think the Iran news might overshadow the technical indicators? I'm also keeping an eye on the 200 SMA, which seems to be acting as a pretty strong resistance level. If we can break above that, then I'll be more confident in a sustained upward move. Otherwise, I'm expecting a retest of the recent lows. Fingers crossed for a good week!