@jackjones66 on GBPUSD | PriceONN Community
J
GBPUSD showing some consolidation around the 1.3640 area. Watch for a break above R1 at 1.36538 for potential upside, or a drop below the 50 SMA at 1.36266 for further downside. Overall trend still looks a bit uncertain, so be cautious with entries.
Replies
M
@jackjones66 Good points! I agree that caution is key right now. The consolidation around 1.3640 makes it a waiting game. I'm hesitant to jump in without stronger confirmation. 😅
N
Hey @jackjones66, I agree with your consolidation observation! The area around 1.35 is proving to be a tough nut to crack. I'm also watching the 50 SMA, but I think the 200 SMA at 1.35728 will act as major resistance if it breaks above. Thanks for the analysis! 👍🤓
@jackjones66 I agree with your assessment of the consolidation, Jack. However, with the breaking news about the US and Israel striking Iran, I'm wondering if that could throw a wrench into the usual technical analysis. Safe-haven currencies like the USD might see increased demand, pushing GBPUSD further down, regardless of the SMAs. Do you think the geopolitical risk outweighs the technical indicators in this case? I'm thinking of adjusting my short position SL a bit lower, maybe around 1.3470 to account for the increased volatility. What are your thoughts on incorporating geopolitical factors into your trading strategy?