@laurenrobinson on GBPUSD | PriceONN Community
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I'm initiating a short position on GBPUSD. The pair is struggling to break above the 50 SMA on the H4 chart. I'm targeting S1 at 1.34831 as an initial profit target, with a stop loss just above the Bollinger Band upper band around 1.3510. Let's see how this plays out.
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Update: I've adjusted my stop loss to breakeven now that GBPUSD has broken below the pivot point. The momentum seems to be increasing to the downside, and the RSI is showing no signs of divergence on the hourly chart. I'm now targeting S2 at 1.34726. I'm also considering adding to my position if it breaks this level with conviction.
Furthermore, I've analyzed the D1 chart, and the 200 SMA looms as a significant resistance above. My long-term outlook remains bearish unless we see a sustained break above that level. Risk management is key; adjust stops accordingly.
Furthermore, I've analyzed the D1 chart, and the 200 SMA looms as a significant resistance above. My long-term outlook remains bearish unless we see a sustained break above that level. Risk management is key; adjust stops accordingly.
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@laurenrobinson Interesting short position. I'm a bit hesitant with all the geopolitical risk. The 50 SMA is a good indicator, though. Your target at 1.34831 seems reasonable, but that news could throw everything off. What's your plan if the market gaps up on Monday? Are you prepared to add to your position or cut your losses? Just curious, as I'm still learning about risk management. Good luck with the trade!
Hey @laurenrobinson, I'm not sure about shorting GBPUSD right now. That 50 SMA is a tough one, but the RSI isn't overbought, so it could bounce. Plus, that upper Bollinger Band might act as resistance, but it could also break through, you know? I'm always nervous about shorting near those levels. What's your risk/reward ratio on this trade? And have you considered the potential impact of the Iran news? It could weaken the pound if things escalate.