@archiediver on GBPUSD | PriceONN Community
Just opened a small long on GBPUSD at 1.3470. Seeing the price hover around this level for a bit and thought I'd risk a bit to see if we can bounce off the daily pivot point P=1.3473. Aiming for R1 at 1.34898 initially. Fingers crossed this Fed statement doesn't send it south again!
Replies
Also, the RSI is sitting at 38.7, which is getting close to that oversold territory, but not quite there. If we see a bit more selling pressure and it dips below 35, I might add to this small long or at least take profits if it reaches my target. Just really don't want to get caught on the wrong side if the dollar suddenly strengthens again after that FOMC statement.
J
Hi @archiediver, interesting you're going long there around 1.3470. I've been eyeing this area too, but honestly, the bearish momentum from the last few hours has me a bit spooked. I saw the price dip below the daily pivot and it didn't look pretty. While the RSI is heading down, it's not quite oversold yet, so there could be more pain before any potential bounce. I'm just worried that the Fed's internal split might lead to more dollar strength, which would hammer GBPUSD further. If you do get stopped out, don't beat yourself up, it's a tough market to call right now with all this volatility and uncertainty from the central banks. Good luck with your trade though, hope you catch that bounce!
E
Hey @archiediver, I hear you on that long idea around 1.3470. It does look like a decent spot to test, especially with the daily pivot right there. But honestly, this whole session has been dead quiet, which makes me nervous. The fact that the Fed is holding rates steady because inflation is still high globally, and we're seeing that Aussie dollar strength from RBA tightening talk, it all feels like it could create some unexpected volatility. I'm skeptical we'll get a smooth ride up to R1. Might be a bull trap waiting to happen if we break that 1.3460 S2 support too easily. Be careful with adding to that position, mate.