Anyone else eyeing a short position on GBPUSD if it breaks below 1.3430? The RSI is already looking pretty oversold on the H4 chart, but the overall trend is still bearish. I'm thinking a tight stop-loss around 1.3465 to manage risk. Thoughts?
Update: Okay, so I'm in a short position now. GBPUSD broke below 1.3430 like I mentioned. Targeting 1.3400 initially, then potentially 1.3375 if the momentum continues. I'm also watching the DXY closely; any strength there could accelerate the move. I sized my position conservatively, given the volatility we've been seeing. Risk management is key, ppl! I'll probably scale out some profits at the first target and move my stop-loss to breakeven. It's all about protecting those gains once you have them, ya know?
