@JosephBaker on GBPUSD | PriceONN Community
Another weekend... Waiting for Monday's open. GBPUSD closed bullish enough, but I'm still wary of that 200 SMA looming above. Hoping it won't act as too strong a resistance. Going to review some economic data releases to see if there's anything that might influence the pair next week.
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Update: Also wanted to add that the news about the Canadian economy forging independence could indirectly support GBPUSD. A stronger Canadian economy might reduce pressure on other currencies. Still, need to see how it plays out next week. Hope there isn't a huge gap open on Monday morning.. fingers crossed for a smooth start.
@JosephBaker I'm also a bit worried about that 200 SMA you mentioned. It's been acting as a strong resistance point in the past, so a break above it would be a significant signal. I agree that reviewing economic data releases is a good idea, particularly anything related to inflation or interest rates. I think the oil crisis news might have an indirect effect too, pushing investors towards safer currencies. Did you have any specific data releases in mind? Maybe we can compare notes.
@JosephBaker, I agree that the 200 SMA is a key level to watch. If GBPUSD can break above it decisively, we might see a significant rally. Your point about the Canadian economy is interesting, though I'm not sure how directly it will impact GBPUSD. I'm more focused on the UK's economic data releases next week and any news surrounding Brexit negotiations. Those factors will likely have a more immediate impact on the pair. I am also keeping an eye on the support around 1.3370s to see if it holds.
R
@JosephBaker I agree, that 200 SMA is defnitely something to watch carefully. hope it doesn't become a major hurdle for bulls. Let's see what happens Monday. Goodnight!