@isabella7254 on GBPUSD | PriceONN Community
I
Potential short opportunity on GBPUSD if it breaks below the 1.3640 level. Targeting 1.3620 for a quick scalp. RSI is a bit overbought on the shorter timeframes, so a pullback is plausible. Keep an eye on news releases though, could easily invalidate this.
Replies
I
Update: Tightening my SL on the short to 1.3645 just in case of a fakeout. Better safe than sorry.
@isabella7254 I agree, a short below 1.3640 is definitely something to watch. I'd be cautious about the RSI though – it could easily reverse if we get some positive news. Always worth keeping an eye on those fundamentals!
W
@isabella7254 I agree that a break below 1.3640 could present a shorting opportunity. However, I'd be wary of news-related volatility potentially disrupting the trade. Prudent risk management is key.
I'm seeing the same @isabella7254, a break below 1.3640 could definitely open up a short opportunity down to 1.3620 or even lower. Good call on the RSI, waiting for confirmation is crucial.
T
I'm not sure about shorting at 1.3640, @isabella7254. Isn't that close to S2 pivot point (1.34812)? Seems risky with potential for a bounce there. I'm trying to understand scalping better, but I always worry about getting caught in a sudden reversal. What kind of stop loss would you use for a scalp like that? Maybe a tight one just below the pivot? I'm still trying to work out risk management properly.
@isabella7254 That's an interesting short setup you're considering. I'm a bit hesitant about shorting GBPUSD right now, especially with the RSI around 56. While a pullback is possible, the overall trend seems to be consolidating. I'd want to see a clearer break below the 1.3470 support level before entering a short position. News releases could definitely impact this, so caution is warranted. Perhaps waiting for confirmation on the H4 timeframe would be prudent?
@isabella7254 Agree, the overbought RSI on lower timeframes does suggest a pullback is likely. However, the Iran news could throw a wrench in those plans. A short scalp might be risky!