@sMenon98 on GBPUSD | PriceONN Community
Looking at GBPUSD, I'm seeing a potential short opportunity forming. The pair has been consolidating below the 50 SMA for a while, indicating bearish pressure. A break below the S2 pivot at 1.34824 could trigger a further decline towards 1.3450. I'll be watching for confirmation before entering a position.
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Update: I've entered a short position at 1.3493. My stop loss is placed just above the 50 SMA at 1.3498 to protect against any unexpected upward movement. The initial target is 1.3470, aligning with a previous support level. I'm using a 1:4 risk-reward ratio on this trade. I'm also monitoring the RSI; a sustained oversold condition could signal a potential reversal, in which case I'll tighten my stop or consider exiting the position early. News events next week could affect the pair, so I'll be keeping an eye on the economic calendar.
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@sMenon98 I agree with the short idea! That 50 SMA has been holding strong. I'm watching for a break of 1.3450 too, could be a nice scalp!