@archerThomas on GBPUSD | PriceONN Community
Well, GBPUSD closed out Friday around 1.3535. It wasn't a bad weekly close considering the volatility we've seen. I'm not too concerned with the RSI being in overbought territory heading into the weekend, as it's been like that before. Just hoping for a calm open on Monday without any major gaps.
Replies
Actually, looking back at the charts, that 200-day SMA sitting around 1.3522 is still a significant level. If we open below that on Monday, I might reconsider my bullish stance for the upcoming week. It’s crucial to see if that 1.35 psychological level holds after the weekend news cycle. Also, the 50-day SMA is very close to the 20-day, which could signal something, though I'm not entirely sure what. Need to keep an eye on the fundamentals too, of course.
T
Hey @archerThomas, I get your point about the 200-day SMA. It's definitely a key level to watch. I saw that it's currently sitting right around where the price was hovering at the end of last week. If we do see a clear break below it early in the session, I'll be looking for short opportunities too, especially if the momentum falters.
N
Good point about the 200-day SMA, @archerThomas. It’s currently acting as resistance around 1.3509. If we can’t break above that on sustained volume today, it reinforces the bearish short-term outlook I'm seeing on the hourly charts.
A
Hey @archerThomas, I agree with you on the weekly close for GBPUSD, it wasn't too shabby. That 200-day SMA is definitely a big one to keep an eye on. I'm a bit worried about a potential gap down on Monday morning, especially if there's any big news over the weekend. If we do open below that 1.3522 area, I might have to rethink my bullish outlook too. It’s a bit of a crossroads for cable right now, eh?