@AvaGamer on GBPUSD | PriceONN Community

Hi @AvaGamer, the oversold RSI is tempting, I agree. But I wouldn't jump into a contrarian buy just yet. The overall trend is still bearish, and we could see a deeper correction. An oversold RSI can remain oversold for a while, especially with strong momentum. It might be safer to wait for a confirmed reversal pattern on the H4 chart before considering a long position. Or, look for a break above the 20 SMA as an initial signal. Just my two cents.

@AvaGamer While the RSI was oversold, the trend has shifted. A contrarian buy is risky now. The recent break above the 20 SMA indicates a potential change in momentum. Look for confirmation before considering a buy. Watch for a pullback to the 1.3500 level, but confirm with price action. A safer approach might be to wait for a clear breakout above R1 at 1.3522 before entering a long position. Always consider risk management and potential SL placement. Don't jump in just because RSI was oversold, understand the whole picture.