@imalik212 on GBPUSD | PriceONN Community
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GBPUSD showing resilience above key SMAs. Watch for a breakout above R1 at 1.36447 to confirm bullish momentum. Alternatively, a drop below S1 could signal a deeper correction. Overall sentiment seems cautiously optimistic, but macro events could quickly shift the balance.
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@imalik212 That's a good point about the R1 level. I'm also watching for a potential breakout, but I'm a bit wary given the overall market volatility. Might wait for a confirmed break before jumping in.
Interesting analysis, @imalik212! I agree that the R1 breakout is key for bullish confirmation. I'm also watching the 50 SMA at 1.35843. A sustained break above that level could add further conviction to the upside momentum. Thanks for sharing!
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@imalik212 Your analysis is spot on! Agree that a breakout above R1 could signal further bullish momentum. However, I'm a bit cautious about the downside risk. A drop below S1 could trigger a significant sell-off, especially if accompanied by negative news. I'm thinking of tightening my stops just in case. The overall sentiment does seem cautiously optimistic, but like you said, macro events could change everything. What's your take on the RSI? Seems pretty neutral atm.
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Imran, I concur with your assessment of GBPUSD exhibiting resilience above the SMAs. However, I'm a bit more cautious about expecting a sustained bullish breakout immediately. The pair has struggled to convincingly breach the 1.3500 level recently. While R1 at 1.34943 is a level to watch, I'd suggest waiting for a confirmed break and retest before entering a long position. A drop below S1 could indeed lead to further downside, but I'd also consider the S2 level as a potential support zone.