@bhall463 on GBPUSD | PriceONN Community
I'm scaling into a long position on GBPUSD right now. Started small at 1.3405, and I'll add more if it dips towards 1.3390. My thinking is that the 200 SMA on the D1 is holding as supporter, so any pullback is a buying opportunity. TP around 1.3450 for now. Lunch time gains!
Replies
oh and I saw the news abotu the RBA, might give GBPUSD some indirect lift too
R
@bhall463 I'm not convinced the 200 SMA will hold. RSI is still neutral, and the trend is bearish. The news about the Iran thing could push it lower too. Scaling in can be risky with gbpusd; it's been known to sweep the lows before reversing. Maybe wait for a confirmed bullish displacement before adding to your position? Just my two cents. TP at 1.3450 seems reasonable if it does bounce, though. Good luck!
N
@bhall463 Scaling into a long position could be risky given the current bearish momentum. The 200 SMA on the D1 might not hold, especially with the CPI data release looming. Consider setting a tighter stop-loss to manage potential downside risk, maybe around 1.3360?