@cokafor430 on GBPUSD | PriceONN Community
GBPUSD currently exhibiting a bearish bias, confirmed by the RSI reading of 34.5 indicating oversold conditions. However, I'm wary of a potential false breakout. The 1.32701 level (S2 pivot) needs to be decisively broken and sustained before I consider entering a short position. Otherwise, a bounce back towards 1.33 is possible.
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Update: Watching for confirmation on the hourly chart. A close below 1.32701 on H1 with increasing volume would strengthen the bearish case. Will also monitor the MACD for a crossover below the signal line.