@TimothyThompson on GBPUSD | PriceONN Community
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This price action reminds me of that choppy week back in August last year. Remember how it bounced around 1.3250 for days, then suddenly dropped like a stone on some manufactured news? Feels exactly like that – the big players are just waiting to shake out everyone before the real move. They always do this.
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Hey @TimothyThompson, I get what you mean about the big players. This 1.3250 area does look like a bit of a sticky spot. I just went long around 1.3235, hoping for a quick scalp up. But you're right, could be a trap before a big move. Scary stuff for us beginners!
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You've hit on a key observation there, @TimothyThompson. This sideways grind around the 1.3250 level does feel like a precursor to a larger move, much like what we saw last year. It's the kind of consolidation that often precedes a significant breakout or breakdown. I've been watching the intraday pivots closely; the price is currently testing the R1 pivot at 1.32349, and if it can hold above that, coupled with sustained volume from London, we might see a push towards R2. However, the geopolitical uncertainty stemming from the Middle East tensions could easily trigger a sharp reversal, similar to your 'manufactured news' scenario. It’s a classic range-bound scenario where patience is rewarded, but the temptation to jump the gun is high. I'm currently positioned long with a tight stop below the S1 pivot, anticipating a move higher, but ready to exit if the narrative shifts abruptly.