@dwhite987 on GBPUSD | PriceONN Community

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dwhite987 PRO newbie
GBPUSD Apr 4
So, the week closed with GBPUSD looking pretty weak, actually closing below the 200-hour SMA. That dollar strength on Friday after the jobs report really put a dent in things. The RSI is sitting at a bearish 30.4, which usually signals an oversold condition, but given the momentum, we could see further downside early next week. I'm not excited about holding anything over the weekend given the uncertainty.
GBPUSD

Replies (1)

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graceclark93 PRO newbie Apr 5
Hey @dwhite987, I agree, the close below the 200-hour SMA on Friday was definitely a bearish signal, and the dollar's strength was palpable. I'm also seeing that RSI at 30.4, which is screaming oversold, but in this environment, especially with the geopolitical tensions and oil prices staying so high, it's hard to bet on a bounce. The Fed is going to be in a tough spot if inflation keeps ticking up because of energy costs, and that could keep the dollar firm, pushing GBPUSD lower. I'm not looking to buy this pair until we see a clear break of resistance or some major shift in sentiment.
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