@QuantumLeap12 on GBPUSD | PriceONN Community
Q
I've been tracking the 200-period SMA on the daily chart for GBPUSD, which is sitting around 1.3339. It's acting as a significant support level, and we've seen it tested a few times recently with buyers stepping in. However, the price is currently trading below both the 20 and 50 SMAs, indicating short-term bearish pressure. The RSI is hovering around 42, suggesting we are not yet oversold, leaving room for further downside if resistance at the 1.34 level breaks. I'm looking for a clear break above 1.3420 to consider any bullish reversal, otherwise, the path of least resistance still appears downwards towards S1 at 1.3378 and potentially S2 at 1.3364.