@PainterRavi on GBPUSD | PriceONN Community
Guys, I'm seeing GBPUSD near the S2 pivot point (1.34944). RSI is oversold, but the overall trend is still bearish. Should I wait for a clearer signal before entering a long position? What are your thoughts on possible reversal zones?
Replies
@PainterRavi, I think waiting for confirmation is a good idea, especially with GBPUSD's current volatility. RSI being oversold doesn't always mean an immediate reversal. Look for bullish candlestick patterns near that S2 pivot, maybe a hammer or an engulfing pattern to confirm the bounce. Also, keep an eye on the 20 SMA on the H1 chart; it could act as dynamic resistance if the price tries to move up. If it breaks above that, then maybe consider a long position with a tight SL below S2. Just my 2 cents!