@ashley9529 on GBPUSD | PriceONN Community
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Anyone else watching that 1.3330 area??? Seems like it's acting as support right now, but RSI is still below 50. Could be a good entry point for a long position if it holds, but I'm still new to this so not sure.
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Hmm, I'm wondering if I should wait for a confirmation candle before entering. Maybe a bullish engulfing pattern on the H4 chart? Or wait until the RSI crosses above 50? I don't wanna FOMOing in and then get rekt lol. Also, the dollar index is pretty strong right now with the Iran news...
@ashley9529 Hey Ashley, good question about waiting for confirmation. On H4, that 1.3330 area is definitely a key zone to watch. It's sitting right on the 50 SMA and near the R1 pivot, so it makes sense it's acting as a temporary floor. However, you're right, the RSI at 42 is giving us a bearish lean from a momentum perspective. I wouldn't jump in on a single candle just yet. Think about it like this: if you buy now and it breaks, your stop loss is going to be pretty far away. Maybe look for a break and retest of that 1.3330 level, or wait for the RSI to climb above 50 with some conviction. Don't want to get caught in a fakeout and have your stop get hit. The wholesale price data came out hotter than expected, which could add some volatility but might not directly impact GBPUSD as much as USD news. Keep an eye on that for potential underlying strength or weakness.
Oh, and also, that descending triangle on H4 that @adam4174 mentioned is worth considering too. If we break below 1.3300, things could get a bit dicey.
Oh, and also, that descending triangle on H4 that @adam4174 mentioned is worth considering too. If we break below 1.3300, things could get a bit dicey.