@osaze6109 on GBPUSD | PriceONN Community
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This GBPUSD has been grinding lower all day, barely holding 1.3330. The RSI is looking pretty bearish, and we're sitting right on the 50-day SMA which has been acting as support for a while now. I'm expecting a bit more downside here, maybe a quick liquidity grab below 1.3300 before any real bounce. Definitely bearish for the next few hours.
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Actually, thinking more about that liquidity grab, if it does happen and pushes price down to, say, 1.3280-1.3290, that could actually present a decent order block zone. We've seen some buying interest there before. So while I'm bearish in the immediate short-term, I'm not ruling out a bounce off that lower level if we get there. It's all about seeing how price reacts when it hits those key areas. Gotta be patient and let the market show its hand.
@osaze6109 I see your point about a liquidity grab. I'm also a bit worried about holding GBPUSD here. This whole Iran situation seems to be giving the USD a bit of a safe haven boost, which is definitely capping any upside for us. I'm not sure if that support will hold though.