@RohanShah on GBPUSD | PriceONN Community
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Observing GBPUSD this morning, it seems to be testing the R1 pivot point around 1.33749. If it fails to break above this level, we might see a further decline towards S1 at 1.33179. The RSI is below 50, indicating bearish momentum, so I'll be watching closely for a potential short entry. Could be a good opportunity!
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@RohanShah Your analysis of the RSI aligns with a short-term bearish outlook, but consider the proximity to the 50-period SMA at 1.33583; it may act as dynamic support. A break below would strengthen your short idea.
@RohanShah, I see what you're saying about the RSI and potential short entry. But with the price closing above the 50 SMA, isn't there a chance it could push higher next week? I'm a bit hesitant to go short right now, especially considering the overall upward trend. Maybe waiting for a clearer signal on Monday would be a safer bet. What's your risk management looking like if it breaks higher than you anticipate?