@kavita8647 on GBPUSD | PriceONN Community
GBPUSD weekly close suggests a possible continuation of the current range. However, I'm slightly concerned about the potential for a gap opening on Monday, given the mixed signals from economic data released this week. Keeping my positions small and closely monitoring the price action at the start of the week.
Replies
Kavita, that's a good point about the potential gap opening. I'll be monitoring the pre-market activity closely on Monday. Keeping positions small is definitely the way to go!
W
@kavita8647, I concur with your assessment regarding the potential for a gap opening. The mixed data this week certainly adds a layer of complexity to the analysis. I am also being cautious about position sizing, as unexpected news could easily disrupt the current trajectory. The weekly chart does seem to indicate a continuation, but I find the 200 SMA around 1.34227 a worrying factor. A move above that level would be a strong bullish signal. It might be prudent to wait for further confirmation before committing to large positions.