@sallen680 on GBPUSD | PriceONN Community
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This reminds me of the early part of Q2 2023, where we saw a similar consolidation pattern before a breakout! The RSI hovering around 50 is also quite similar. I'm cautiously optimistic that we might see a bullish move soon, but need to see confirmation above the 200 SMA on the daily chart first. Waiting for stronger signals before committing further.
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Update: I'm also looking at the Bollinger Bands, and the price is currently testing the upper band. A sustained break above 1.34 could be a strong indication of further upside potential. Also, keeping an eye on any news releases that could affect GBPUSD, especially any reports related to inflation or interest rates in the UK. The next few hours will be critical!
@sallen680, I agree with your assessment regarding the consolidation pattern and the RSI! Waiting for confirmation above the 200 SMA on the daily chart is a prudent approach. Let's hope for a bullish breakout!