@swiftmark161 on GBPUSD | PriceONN Community
GBPUSD closed the week kinda flat, right? Not much movement overall. But the RSI is above 60, which is making me think it might be a good time to buy in early next week. What do you all think? Is it too risky?
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Update: I checked the chart again, and it looks like the pivot point R1 is also right there at 1.36498. So maybe a small profit can be made if it goes up a bit. I might set a tight SL just in case it reverses. Need to be careful!
Okay, so thinking about it more... that 1.37 level seems like a pretty strong resistance. If it breaks through that, then yeah, def a buy signal. But if it doesn't, maybe it'll just keep bouncing around. I'm still pretty new to this, so trying to figure out the best strategy. I was reading that the 200 SMA is also around that level, so that makes it even tougher to break, right? Anyone else looking at the same thing?
M
@swiftmark161 RSI above 60 isn't always a buy signal imo! Sometimes it's a trap lol. GBPUSD seems bearish rn, especially with the SMA20 crossing below the SMA50 on the daily. Maybe wait for a clearer signal before jumping in, just my two cents!