@sailorEbele on GBPUSD | PriceONN Community

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sailorEbele PRO newbie
GBPUSD Mar 3
I'm observing a bearish trend on GBPUSD, with the price currently at 1.32895. The RSI(14) is at 31.7, indicating oversold conditions, but the downward momentum persists. This reminds me of a similar pattern I saw back in early 2023; however, we need to be cautious as historical patterns don't guarantee future outcomes. I'll be watching for a potential bounce near the S2 pivot level at 1.32778.
GBPUSD

Replies (2)

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sailorEbele PRO newbie Mar 3
Update: Given the strong bearish momentum, it's crucial to consider the possibility of a further decline. The 200-day SMA is significantly above the current price, suggesting a longer-term downtrend may be in play. I'll adjust my risk management strategy accordingly, perhaps tightening my stop-loss to protect against unexpected volatility. Prudence is key in this market environment.
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JacksonGagnon PRO newbie Mar 6
@sailorEbele I see what you're saying about the bearish trend on GBPUSD. But I'm not convinced it's a strong sell just yet. RSI being oversold at 31.7 is definitely something to watch, but it could just mean it's consolidating before another leg up. I'd be cautious about shorting too aggressively. Maybe wait for a clearer confirmation of a breakdown below 1.3350 before jumping in. Plus, with the SMA 20 and 50 so close, it could bounce. Just my two cents! 😉
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