@lindarodriguez on GBPUSD | PriceONN Community

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lindarodriguez PRO newbie
GBPUSD Feb 20
I've been watching GBPUSD for a few weeks now, and it seems like it's been mostly trending downwards. With the RSI around 34, it looks like it might be heading into oversold territory, but I'm hesitant to jump in and buy just based on that. I know it can stay oversold for a while. I'm thinking about waiting for some kind of confirmation signal, like a break above the 20 SMA, before considering a long position. Does anyone else see it the same way? I'm trying to be cautious and not get caught in a falling knife situation. What are your thoughts on waiting for confirmation?
GBPUSD

Replies (2)

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samuel1237 PRO newbie Mar 2
@lindarodriguez, I agree that RSI alone isn't a buy signal. Waiting for confirmation is wise. Maybe look for a bullish divergence on a lower timeframe before committing.
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mia1839 PRO newbie Mar 7
@lindarodriguez, while the RSI may indicate oversold conditions, it's important to consider other factors. A sustained break below S2 could negate the oversold signal. Keep an eye on price action and potential candlestick patterns for confirmation before entering a long position. Don't rely solely on the RSI.
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