@osmith624 on GBPUSD | PriceONN Community

Update: On the GBPUSD long, I'm also monitoring the RSI. Currently at 63, indicating bullish momentum, but approaching overbought conditions. Will be watching for a potential divergence on the H4 chart as price approaches the 200 SMA. Could be a good area to take partial profits if divergence forms.

Oliver, your analysis is interesting, but I'm not convinced about the long opportunity just yet. While the price did break above the 20 and 50 SMAs, it's facing significant resistance at the 200 SMA. Furthermore, the overall trend still seems bearish, and the RSI is confirming that. A break above 1.3577 would be a strong signal, but until then, I'd be cautious. I'd rather wait for a clearer confirmation before entering a long position. Perhaps consider waiting for a retest of the broken resistance as support before committing. I think shorting now is a better plan.