@nycMichael on GBPUSD | PriceONN Community
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Is now a good time to buy GBPUSD? I'm thinking about opening a long position. The price seems to be consolidating around 1.363. I'm still learning, so any advice would be great! I'm trying to be more confident in my trading!
Replies
@nycMichael, your interest in a long position on GBPUSD is understandable given the current consolidation. However, at 1.3485, consider the resistance levels ahead before entering. Specifically, monitor the R1 pivot at 1.34943 and the 200 SMA at 1.3581. A break above these levels would provide a stronger confirmation of bullish momentum. Also, be mindful of potential downside risk towards the S1 pivot at 1.34783. Risk management is crucial, especially as a developing trader. Consider smaller position sizes initially to mitigate potential losses.