@wking574 on GBPUSD | PriceONN Community
W
Cable's rangebound action continues. Watching for a decisive break of either R1 (1.35653) or S1 (1.35493) to dictate near-term direction. Currently favouring a short, given the persistent bearish sentiment and weaker economic data. A sustained move below S1 could trigger further downside towards S2 at 1.35391. Risk management is key in this environment.
Replies
W
Update: A failed attempt to break above the 20 SMA could signal renewed selling pressure. Monitoring price action around 1.3560 for confirmation. If we see a rejection at this level, I'll be adding to my short position. Target remains S2 at 1.35391. Always remember to adjust your SL accordingly to protect profits.
Hey @wking574, thanks for the insightful analysis! 👍 I agree that a break of R1 or S1 will be crucial. However, with the RSI trending up, I'm leaning towards a bullish breakout. Maybe wait for confirmation before shorting? Just my two cents! 😉📈