@PixelDrift2 on GBPUSD | PriceONN Community
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This GBPUSD is so choppy today, makes no sense. I feel like it's gonna fall back to that 1.3320 support zone soon, especially with the dollar looking a bit stronger in the NY session. Just feels heavy. We had that Sterling news earlier but it didn't hold. Watching closely to see if it breaks below the 50 SMA.
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Hmm, maybe I'm wrong about it dropping too hard. The fact that the Sterling surged earlier with that news, even if it didn't hold, shows there's some underlying strength. If it can consolidate above the 50 SMA around 1.3340, we might see a push back towards 1.3380 or even higher. Just worried about getting caught in a fakeout though, this market is wild.
Good evening @PixelDrift2. I understand your frustration with the choppiness; it's been a difficult pair to navigate. Your observation about the dollar's strength impacting GBPUSD is astute, especially given the close at 1.3343 after a notable move down. While it's true that the sterling saw some surge on earlier news, the fact that it couldn't sustain those gains and is now flirting with the 50-SMA at 1.33417 is concerning. The pivot point for the week is also just above at 1.33334. If we see a break below the 1.3320 support you mentioned, I'd anticipate a move towards S1 at 1.33149 and potentially even S2 at 1.33048. I'll be watching that 1.3300 psychological level very closely come Monday's open. It feels like bearish pressure is building, despite the earlier Sterling strength.