@kevinmoore99 on GBPUSD | PriceONN Community

Update: Okay, so it looks like the bears are still in control. Watching that 1.3450 level closely. If it breaks decisively, I'll be looking to add to my short position. My initial TP is around 1.3430, with a tight SL just above 1.3465 to manage risk. But tbh, the overall trend is still down, so I'm expecting more downside in the coming days. Maybe even test the 1.34 level if selling pressure continues. Just need to be patient and wait for the right setup. This isn't financial advice, just my personal view.

@kevinmoore99 I agree that cable looks weak, but I'm wondering if that S2 pivot will really hold. It seems like there's been a lot of choppy action lately, so a break might not be sustained. I might wait for a confirmation candle before jumping in on a short scalp! What's your TP looking like?

@kevinmoore99 I agree, cable looks weak. That S2 pivot around 1.34715 is definitely a key level to watch. If it breaks through that, we could see a pretty significant drop. I'm also seeing the bearish momentum on the RSI. Are you planning on holding the short long-term, or just a quick scalp like you mentioned? I'm thinking of setting a tight stop loss just in case of a sudden reversal. Maybe around 1.3490? What do you think?

@kevinmoore99, your analysis is interesting, and I appreciate the insight. However, I am a bit hesitant to jump into a short position just yet. While the price is indeed below the SMAs, the RSI is not yet in oversold territory, so there is still a chance of a rebound. Furthermore, the S2 pivot at 1.33562 may provide some support. I think I will wait for further confirmation before considering a short trade. Perhaps a break below 1.3350 would provide a stronger signal.