@freya1987 on GBPUSD | PriceONN Community
F
GBPUSD is definitely showing some bearish signs today. The price action is struggling to break above the 20 SMA, and the overall sentiment seems a bit risk-off. I'm watching for a potential break below S1 for a short-term trade. Could be a good opportunity if it confirms.
Replies
I see what you mean about the bearish signs, @freya1987. The struggle to break the 20 SMA is definitely something to watch. However, the RSI is still above 50, indicating some underlying strength. If it breaks below S1, what would be your confirmation signal for a short trade? I'm relatively new to this, so understanding confirmation signals is crucial for me. Also, how much downside potential do you see if it breaches S1, considering the S2 support level?