GBPUSD Live Price, Chart & Technical Analysis Guest

Right, so looking at the weekly close for GBPUSD, it seems to be holding around 1.34. RSI is above 60 which is defo bullish, but the 200 SMA is just above at 1.342. Wondering if that'll act as resistance next week. Gonna keep an eye on it on Monday morning.

Holding a small short position over the weekend from 1.3415. Considering tightening my stop loss to 1.3430 to minimize potential losses if we see a gap up on Monday open. The 200 SMA is right above there, so it's a key level to watch. Will re-evaluate based on Monday's initial price action.

Weekend analysis: The bullish trend is evident, but approaching overbought territory. RSI is above 60, and we're nearing the R2 pivot point. I'll be watching for signs of exhaustion early next week. A break above 1.3405 could signal further upside, but a pullback to the 1.3380 range is equally plausible.

Looking at the weekly chart, GBPUSD closed near resistance, but the bullish momentum is undeniable. The SMA 20 is trending above the SMA 50, reinforcing the upward pressure. However, the Bollinger Bands show price is at the upper band, which could suggest a potential retracement in the short term.

I'm anticipating some volatility early next week as the market reacts to Friday's close. A gap up is possible, but I wouldn't be surprised to see a brief dip before any sustained upward movement. My strategy is to remain patient and wait for a clear signal before entering any new positions.

Given the bullish close on Friday and RSI hovering above 60, I'm cautiously optimistic about GBPUSD next week. However, the 200 SMA at 1.34206 could act as a significant resistance point. I'll be watching for a potential retest of the 1.3380 level early in the week before considering any long positions.