@williamcarter96 on GBPUSD | PriceONN Community
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I am considering a short position if GBPUSD fails to break above the 1.3565 level. The RSI is below 50, which suggests a potential for downward momentum. However, I am also mindful of the support around 1.3550. I shall proceed with caution.
Replies
Williamcarter96, your caution regarding the 1.3565 level is wise. I'm also hesitant to enter a short position there without further confirmation. The fact that the RSI is below 50 is suggestive, but not definitive, imo. Have you considered looking at other indicators, such as the MACD or stochastic oscillator, to see if they corroborate the bearish signal? Also, what time frame are you using for your analysis? A D1 chart might give a different perspective than H4. Just thnkng out loud here...
@williamcarter96 good call on the cautious approach, William. 1.3550 is definitely a level to watch. I'm thinking short if it breaks that too.