@jlewis213 on GBPUSD | PriceONN Community
GBPUSD appears to be consolidating around the 50-day SMA. The RSI is hovering in neutral territory, suggesting a lack of strong momentum in either direction. I'll be watching for a clear break above the 20-day SMA or below the 50-day SMA to establish a directional bias. A breakout from the Bollinger Bands could also provide a signal.
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Update: A closer look at the D1 chart shows a potential descending triangle pattern forming. If this pattern plays out, we could see a significant move downwards. However, it's important to note that the 200-day SMA is acting as a support level around 1.35244. A decisive break below this level would confirm the bearish bias. I'll be monitoring price action around this key level closely. A potential TP could be set near S1 around 1.35336, but I would adjust based on market conditions.