@aahmed423 on GBPUSD | PriceONN Community
GBPUSD looking interesting! The 20 and 50 SMAs are almost crossed, and price is just above the 200 SMA. I think we might see a bullish move if it can break above R1 at 1.3643. Keep an eye on the RSI, if it crosses 60 that could be a good confirmation signal. Let's see what happens!
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Update: I'm thinking of opening a small long position if GBPUSD closes above 1.3645 on the H4 chart. My TP would be around 1.3670, and SL around 1.3630. This is just a trade idea, not financial advice! Remember to do your own analysis before trading. Also, I'm keeping an eye on any news releases that could affect the pound. Fundamentally, I'm still bullish on GBPUSD in the long term, but short-term there could be some volatility. What do you guys think?
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Interesting analysis @aahmed423. I'm seeing similar signals with the SMAs. However, I'd caution relying solely on the RSI crossing 60 as confirmation. It can be a lagging indicator. I'm also looking at the Bollinger Bands; we're currently near the upper band, which could indicate a potential pullback. I'd prefer to see a clear break and sustained hold above 1.3366 (R2) before considering a long position. Volume will be key to watch as well. A breakout without volume is often a false signal.