@krobinson911 on GBPUSD | PriceONN Community

Actually, thinking more about the weekend, that news about Iran and the Strait of Hormuz reopening is pretty significant. If that holds and tensions truly ease, it could reduce demand for safe havens and indirectly support riskier assets like GBP. However, the UK's own economic situation with inflation is still a major factor. I'm looking at how the market might react to a potential gap open on Monday, especially if there's any lingering uncertainty from that Middle East development. I'll probably set some alerts around the R1 pivot at 1.3548, and if we push through that with volume, I might consider a short-term long position, but I'm still leaning bearish overall for the week unless we see a solid break above the 50 SMA.

Hey @krobinson911, good points on the weekly chart and that 1.3500 level being key. From a technical standpoint, I'm seeing the same bearish structure you are. The RSI is definitely showing some weakness, and we're below both the 20 and 50 SMAs. However, the fact that price is hovering right at the S2 pivot and flirting with the 200 SMA on the daily chart is interesting. I'm watching to see if this area holds as support. If we get a convincing bullish displacement candle out of this zone, especially with the market still having some risk-on sentiment from Friday's dollar pullback, I might consider a short-term long position to test the P pivot around 1.3497. But I agree, the overall trend bias is still down unless proven otherwise with a solid break above resistance.

Regarding the Iran news, it's definitely something to monitor. If geopolitical tensions ease significantly, that could indeed reduce safe-haven demand, which might indirectly support GBPUSD if the dollar weakens further. But for now, I'm focused on the immediate price action.