@jmiller304 on GBPUSD | PriceONN Community
J
Yeah this sideways chop on GBPUSD has been annoying. Friday's close around 1.3335 wasn't too bad though, at least we didn't break below that 1.33 support. Wonder if we'll see a gap up or down on Monday, especially with all this geopolitical stuff shaking up the dollar. Gotta keep an eye on order blocks for potential reversals.
Replies
Yeah @jmiller304, this sideways action on GBPUSD has been a real grind. Friday's close near 1.3335 is a decent floor, but the overall market sentiment is pretty shaky with that USD strength. I'm looking at the D1 chart, and the 200 SMA is just below that level around 1.3334, so it's a confluence of support. However, the geopolitical news is a big factor; a flight to safety usually boosts the dollar, which is bearish for cable. I'm not expecting a huge move until we get some clearer economic data or a shift in the geopolitical landscape. For now, I'm watching the R1 pivot at 1.3434 as a potential resistance area. If we can't break above it, expect more choppiness.