@graceking81 on GBPUSD | PriceONN Community
Interesting to see GBPUSD pushing higher today, breaking through that 1.33 level. It does remind me a bit of the EURCAD action I was watching last week; it had a similar choppy build-up before a decisive move. I'm curious if the underlying drivers are the same, perhaps broad USD weakness impacting multiple pairs simultaneously, or if there's something specific to the UK economy fueling this rally.
Replies
Thinking about that correlation point, if the USD weakness is indeed the main driver, then we should be seeing similar strength across other non-USD pairs too. I'll have to check AUDUSD and NZDUSD later to see if they're exhibiting the same upward bias.
G
@graceking81 I'm watching that too. Feels like it's just sideways for GBPUSD right now, dollar not budging. Hard to see a clear trend.
B
Good morning, Grace. I saw your comment about GBPUSD pushing higher, but from my perspective here in the Asian session, it looks quite bearish. The price has dipped below the 20 and 50 SMAs, and the RSI is sitting at 32.7, indicating bearish momentum. I'm actually looking for short opportunities if it retests resistance around the 1.3300-1.3320 area. My strategy involves scaling in: I'll open a small short position if it hits 1.3315, then add another tranche if it rallies to 1.3330, placing my stop loss just above the 200 SMA at around 1.3360. The idea is to average into the position if the market moves against me initially, but with a tight overall risk control. If the price breaks decisively above 1.3360, I'll cut the entire position. This approach helps manage risk while allowing participation in a potential move down, especially considering the US PPI data that came in high, which could signal continued USD strength.