Initiating a short position on GBPUSD at 1.3445 with a target of 1.3380. The overnight bearish momentum seems sustainable, and the RSI hasn't yet hit oversold territory. I'm setting a tight stop loss just above the pivot point at 1.3455 to mitigate risk. Let's see how it plays out.
Update: Moving my stop loss down to 1.3450. Locking in a small profit in case of a reversal. The pair is hovering just above S1, so watching closely for a potential bounce.
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nomusasibiyaPROnewbieMar 6
Hello @chloe9248, I noticed your short position and wanted to get your perspective on the 200 SMA. It's currently sitting around 1.34303, which is a fair distance above your entry. Do you anticipate that resistance level holding, or are you expecting a potential retest before the price continues downward towards your target? I'm curious about your risk management strategy, particularly given the proximity of your stop loss to the pivot point. It seems like a tight stop, but perhaps you're relying on the momentum to sustain the move. Just trying to understand the rationale behind your setup.