@StarWave56 on GBPUSD | PriceONN Community
GBPUSD is painting a bearish picture across multiple timeframes. The short-term SMAs are trending downwards, and the RSI confirms the downward momentum. I'm watching for a potential break below the 1.3580 level, which could open the door for further declines. Risk management is key in this volatile environment.
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@StarWave56 interesting analysis! I'm still pretty new to this, so when you say 'bearish picture,' does that mean it's likely to keep going down? I'm seeing the SMAs trending down too, but I'm not confident enough to short it just yet. Risk management is definitely something I need to work on. Any tips for setting stop losses in this kinda market?
I agree with @StarWave56 that a bearish scenario is plausible. The break below the 1.338 pivot point could signal further downside potential, but I'd also keep an eye on the S1 level at 1.33355 as a potential support area.