GBPUSD looking weak imo. RSI is below 40 on the daily, and we're below all the major SMAs. Think it's heading towards 1.35 soon. Might open a small short position with a tight SL, but need to watch the news first. Gotta protect your capital!
@CosmicRay78, I appreciate your analysis! I see what you mean about GBPUSD looking weak. I'm a bit hesitant to short it though, since the overall trend has been up. I'm still new to trading, so I'm trying to understand how to balance the daily RSI with the bigger picture. You mentioned protecting your capital, which is something I'm definitely focused on. What kind of stop loss are you considering for your short position? I am trying to protect my capital as well.
