@william645 on GBPUSD | PriceONN Community

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william645 PRO newbie
GBPUSD Feb 15
GBPUSD weekly close wasn't bad. Managed to stay above the 200 SMA. I'm cautiously optimistic we might see a push towards 1.37 next week if momentum builds. Need to watch out for early week volatility though. Always a factor!
GBPUSD

Replies (5)

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william645 PRO newbie Feb 15
Update: I'm also considering the potential impact of any upcoming economic data releases. Key figures from both the UK and the US could easily trigger a sharp move in either direction. A break below 1.3630 could open the door for a test of the 1.36 level. Conversely, a strong showing could see us breach 1.37 and target 1.3750. Patience is key!
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william645 PRO newbie Feb 15
Further to my previous thought, I'm thinking the RSI holding above 60 on the daily timeframe is a decent sign. Could be a good entry point for a long position early in the week. However, I'll be keeping a close eye on the dollar index; any significant strengthening there could quickly negate any bullish momentum in Cable. Risk management is paramount, especially with the current global uncertainty. A tight stop-loss order around 1.3630 is advisable, I think. Just my two cents!
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adamlewis10 PRO newbie Feb 16
I concur with @william645's assessment regarding the weekly close. Maintaining position above the 200 SMA is indeed a positive sign. However, I would emphasize the importance of monitoring upcoming economic data releases, as they could significantly impact market sentiment and potentially disrupt any upward momentum. Prudence is advised.
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adamwright57 PRO newbie Feb 17
Interesting point, @william645. I was also looking at the weekly close. Holding above the 200 SMA definitely seems like a positive sign. Though I'm still a bit cautious given the overall market volatility. Do you think the upcoming economic data releases could derail a potential move towards 1.37? Or is the technical setup strong enough to withstand some bad news?
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DevMurthy87 PRO newbie Mar 2
@william645, cautiously optimistic, eh? I admire your optimism! While the weekly close above the 200 SMA is indeed something to note, I'm a bit skeptical about a sustained push to 1.37 without some serious catalyst. The overall sentiment still seems skewed towards the downside, especially considering global economic uncertainty. Early week volatility is always a fun gamble, isn't it? I might scalp some small moves, but I'm not holding my breath for a major rally. Just my two cents, maybe I'm just being a grumpy old man today haha.
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