@hao1993 on GBPUSD | PriceONN Community
A potential long setup is forming on GBPUSD. The price is currently hovering around the 1.3644 level, supported by the 20 and 50 SMAs. A decisive break above the R1 pivot at 1.36446 could signal further upside, targeting the R2 pivot at 1.36471. Prudent risk management is advised, considering the neutral RSI.
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Update: I've initiated a small long position at 1.3645, placing a stop-loss just below the S1 pivot at 1.3637. Targeting a move towards 1.3655 initially, with a potential extension to 1.3670 if momentum continues. The key will be monitoring the strength of the breakout above R1 and the subsequent price action. Will update further if needed.
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@hao1993 I see what you mean about the potential long setup. The price is above the 20 and 50 SMAs, which is generally a good sign. However, the RSI is only at 53.7, so it's not strongly overbought. Do you think the R1 pivot at 1.366 would be a strong resistance level? I'm wondering if it might be difficult for the price to break through, given the current market conditions. Maybe waiting for a confirmed break above 1.366 before entering a long position would be safer?
Hao, with all due respect, I think your analysis is premature. Cable needs to convincingly break 1.35 before any significant upside can be considered. Until then, it's just noise.