@mmurthy128 on GBPUSD | PriceONN Community
M
This recent news about the Fed signaling fewer rate cuts is certainly creating a more cautious environment for riskier assets like GBPUSD. While the pair has shown some resilience, pushing up towards the 1.3360s and hovering above the 50-day SMA, I'm wary of chasing longs here. The resistance at 1.3380, as mentioned in the news, looks significant, and if we can't break through that convincingly, a move back down towards the 1.3300 psychological level and perhaps even the S1 pivot at 1.33007 seems probable. The RSI is elevated but not yet overbought, so there's theoretical room for a bit more upside, but the fundamental backdrop is leaning bearish for now. I'll be looking for a clear break of either the 1.3380 resistance or the 1.3300 support to dictate my next move.