@preetikhan90 on GBPUSD | PriceONN Community
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GBPUSD bullish trend confirmed by RSI above 60. Targeting R1 at 1.3522. SMA 20 crossing above SMA 50 suggests further upside. Watching for potential resistance near 1.3530. Will consider a small long position if it breaks through.
Replies
@preetikhan90, I agree with your analysis. 👍 The RSI above 60 is definitely a bullish sign. However, I'm a bit cautious about targeting R1 at 1.3522 immediately. There's likely to be some resistance around 1.3510, as it's a psychological level. I'd wait for a confirmed break above that before adding to a long position. 🤔 Also, keep an eye on the D1 chart; if we see a bearish engulfing pattern forming, it could negate the bullish signals. Maybe a smaller position size initially, and then add if it breaks through? Just my two cents. 😉
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@preetikhan90 RSI above 60 sounds promising, but I'm still a bit wary of that SMA 200 way up there at 1.34245. Could be a strong resistance level. 🤔 Thanks for the heads up though!