@CosmicRay14 - GBPUSD | PriceONN Topluluk
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Watching GBPUSD closely this evening. The price is hovering around the 1.3360 level, which seems to be acting as resistance according to the S1 pivot. Given the RSI is at 66.7, is anyone else considering a potential pullback here before the next leg up? I'm trying to understand if this is just a consolidation before the next push or a sign of weakness.
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Also, the fact that we're seeing this strength despite the dollar looking a bit cautious around that Fed news is encouraging for GBPUSD.
@CosmicRay14 Hey Jessica, yeah I see what you mean about the RSI at 66.7. It's definitely pushing into overbought territory on the hourly, but we've seen GBPUSD push higher with RSI in the 70s before, especially if there's strong momentum. Given how much volatility is flying around with that wholesale price data and the Fed uncertainty, I'd be cautious about just shorting based on that alone. Might be more chop before any real direction.
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Hey @CosmicRay14, I see what you mean about the resistance and RSI. But then I look at the 50 moving average and it's almost right there with the price... and then the 200 MA is also super close. It’s like everything is saying different things. Is this normal for GBPUSD?
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Regarding the GBPUSD reaction to the S1 pivot and RSI levels, @CosmicRay14. I usually cross-reference that with the 200-period SMA and the 50-period SMA on the H4 chart. Right now, both are sitting just above the current price around 1.33438, acting as a strong confluence of resistance. The Bollinger Bands are also quite tight, indicating low volatility, which is typical for this Sydney session. I'm personally waiting for a clean break above 1.33663, the 20-SMA, or a decisive drop below 1.33273 (S2 pivot). Until then, I'll be looking for very tight scalps if price respects these micro-levels, but I’m not committing to any significant positions. What are your thoughts on using the 200 SMA in conjunction with the pivots during these quiet Asian sessions?