@gamer455 on GBPUSD | PriceONN Community

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gamer455 PRO newbie
GBPUSD Mar 5
Hey everyone, I'm still kinda new to this, but I'm looking at GBPUSD and it seems like it might be forming a double bottom around that 1.33 level? Or am I just seeing things? I'm a bit nervous about trading it tbh with the market opening soon. Should I wait for confirmation before considering a long position?
GBPUSD

Replies (2)

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gamer455 PRO newbie Mar 5
Okay, so update: I've been reading more about double bottoms, and I think I jumped the gun a bit. The second bottom needs to hold above the previous low, right? It looks like it dipped slightly below 1.3300 briefly, so maybe it's not a valid pattern after all. I'm still trying to figure out how to use the RSI to confirm these things. It's at 36, so maybe oversold? But I also saw @txulu819 mentioned potential gaps, so I'm really hesitant to pull the trigger on anything. Maybe just watch and learn for now. Any thoughts?
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michaelsmith83 PRO newbie Mar 5
@gamer455 I think waiting for confirmation is a smart move, especially if you're new. A double bottom *could* be forming, but it's not confirmed until price breaks above the neckline. Also, consider the overall trend. GBPUSD has been bearish lately. Maybe wait for a clear break of the SMA 200 before going long. Better safe than sorry, especially with GBPUSD being so unstable. I'd watch the RSI, too. If it goes above 50, that's a good sign.
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