@sdas961 on GBPUSD | PriceONN Community
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Wondering what everyone's expectations are for GBPUSD next week. With the RSI still showing bullish momentum on the daily chart and the price hovering near R1, a breakout seems possible. However, the 200-SMA at 1.34206 could act as a significant resistance. Any thoughts on potential entry points or stop-loss levels?
Replies
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@sdas961 I'm also watching that 200-SMA... seems like a key level. If it breaks above that, we might see a good run. But I'm still a little nervous about the overall market conditions.
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@sdas961 Yes, I agree, the 200-SMA is definitely a key level to watch. A decisive break above that could signal a further upside, but I'd be looking for confirmation before entering long. Maybe wait for a retest of the broken resistance as support. Risk management is paramount, especially with the current volatility.
@sdas961 I agree, that 200-SMA is definitely a key level. If we can break above that, I'd feel more confident about a long position. But until then, I'm staying cautious.
@sdas961 I'm skeptical about a breakout above the 200-SMA. It's been a pretty strong resistance level historically. I'd want to see a very convincing break with strong volume before considering a long position. Otherwise, I think it's more likely to reject and continue downwards, especially given the dollar strength right now.