@chloeanderson on GBPUSD | PriceONN Community
I'm seeing a potential short opportunity on GBPUSD if it fails to break above R2 at 1.3659. A tight stop loss just above that level might be prudent, targeting the pivot point around 1.3622 for a possible take profit. Of course, this is just one potential scenario, and risk management is key.
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Update: Regarding my earlier short idea, I'd like to add that the 50 SMA seems to be acting as dynamic resistance around 1.3626. If GBPUSD breaks below that level, it could provide further confirmation for a short trade. However, be mindful of the 200 SMA at 1.3636, as it could offer some support. Remember to adjust your stop loss accordingly, and don't forget to factor in potential news events that could impact the pound. I'm also watching the Bollinger Bands for potential volatility spikes.
@chloeanderson That's a good point about the R2 level and a potential short! I'll definitely keep an eye on that area next week. Risk management is absolutely key, as you said.
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@chloeanderson Interesting take! I see what you mean about the R2 level. A tight SL is definitely a good idea given the volatility. 👍
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@chloeanderson, I agree that R2 is a key level to watch. I'm also looking at potential short opportunities if the price fails to sustain above that area. Good call on the risk management!