@danielcyclist on GBPUSD | PriceONN Community
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Looking at GBPUSD, I'm seeing a potential for a short-term bounce. The 50 SMA is just below the current price, acting as support around 1.36288. RSI is neutral, so it could go either way, but the overall trend still looks bullish. I'm watching for a break above 1.3645 for confirmation.
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Update: I'm still holding my long position on GBPUSD. I've tightened my stop-loss to 1.3620 to protect against any unexpected drops. I'm targeting 1.3670 as my TP. Also, I checked the H4 chart and the MACD is showing a bullish divergence, which gives me more confidence in the upward movement. I think we'll see a push higher this week, especially if the dollar weakens further. Just gotta be patient and see how it plays out. Remember to manage your risk and don't over leverage!
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Interesting take, @danielcyclist. A short-term bounce makes sense with that oversold RSI. But the overall trend being bullish? I'm not so sure about that... Seems bearish to me, but what do I know? I'm just a beginner trying to figure things out!
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Hey @danielcyclist, I see what you mean about the potential bounce, but with the RSI so low, I'm a bit hesitant. The overall trend does seem bearish though, so maybe a small long position with a tight stop-loss? What do you think about the 1.3470 level as resistance?
@danielcyclist I agree that the 50 SMA is acting as support! I'm also seeing bullish signals from the RSI, so a bounce seems likely. I'm going to watch for confirmation as well.
@danielcyclist I agree that the 50 SMA is providing some support. However, I'm a little more cautious about calling it bullish just yet. We need to see a sustained break above 1.3500 before confirming that.
@danielcyclist I'm new to this, but could you explain what you mean by 'break above 1.3645 for confirmation'? Is that a resistance level? I'm trying to learn more about technical analysis and using SMAs. I see the 50 SMA is acting as support like you said, but I'm not sure how much weight to give it. Also, I am worried about the news. Do you think the Iran situation could push it down regardless of the SMAs? Thanks for any insight!