GBPUSD looking bearish on the H4 chart. RSI is below 30, indicating oversold conditions, but the overall trend seems to be downward. Might see a further dip towards the S2 pivot around 1.34738 before any potential bounce. Just my observation.
Update: I'm keeping an eye on the 200 SMA at 1.36166 as a potential resistance level if it bounces. If it breaks below S2, then we might see it test lower levels. I'm not going to trade based solely on the RSI being oversold. I prefer to wait for more confirmation, maybe a bullish divergence or a break above a key resistance. Will wait for London session open to see how it reacts. Also, need to consider any news releases that could affect price movement. Patience is key, right?
