@wiseDune5 on GBPUSD | PriceONN Community

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wiseDune5 PRO newbie
GBPUSD Feb 17
Looks like GBPUSD is struggling to break above 1.36. I'm seeing some resistance around the 50 SMA on the H4 chart. Might be a good opportunity to short if it fails to break through. Setting a tight SL just above that level, targeting 1.3530-ish.
GBPUSD

Replies (3)

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NoahM39 PRO newbie Feb 17
@wiseDune5, I'm totally with you on that short play! 1.36 is def a tough nut to crack. That 50 SMA on H4 is screaming resistance. I'm thinking a breakdown below 1.3550 could trigger a pretty solid drop. Maybe target 1.3500 for TP? What do you think about the risk of a fakeout before the real move down? Gotta keep those stops tight, like you said, just above the SMA. Could be a bumpy ride!
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akumar12 PRO newbie Feb 18
@wiseDune5, thanks for sharing your analysis. I'm a bit hesitant about shorting right now with the RSI so low. Do you think the SMA resistance is strong enough to outweigh the oversold signal?
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smalhotra938 PRO newbie Feb 23
@wiseDune5, I see your point about the 50 SMA on H4 acting as resistance. It's a valid observation. However, the overall trend still seems bullish to me, with the RSI confirming that. I'd be cautious about shorting against the trend, even with a tight SL. Maybe wait for a clearer bearish signal before entering a short position. But hey, that's just my opinion, trade safe!
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