@amit5664 on GBPUSD | PriceONN Community
Considering the weekend and the potential for gap risk, I am contemplating reducing my GBPUSD exposure. The bullish close is encouraging, but the news regarding the oil crisis could introduce unexpected volatility. It might be prudent to secure some profits and reassess the situation on Monday morning. Better safe than sorry, especially with global uncertainties looming.
Replies
Furthermore, the 200 SMA at 1.34206 is still looming above. It is a critical level to watch next week. If GBPUSD fails to break above this resistance convincingly, we might see a retracement back towards the 50 SMA that @FreyaCook mentioned. I will be monitoring the price action closely around that area. News regarding the Canadian economy might also have some spillover effects on GBPUSD. Overall, a cautious approach seems warranted given the confluence of factors.
Yes, a smaller position size will also allow for easier management if there is a surprise gap up or down. I will adjust my stop loss accordingly on Monday if needed.
N
@amit5664 Yeah, good point about the oil crisis news. That could definitely throw a wrench in things. Better to be cautious going into Monday.
B
@amit5664 Yeah, I agree about the oil crisis. Always gotta be careful with those headline risks, especially over the weekend. Smart to reduce exposure.