@chloeanderson on GBPUSD | PriceONN Community
I'm seeing GBPUSD quite oversold on the RSI (22ish), but the overall trend is still down. I'm hesitant to jump in for a long position just yet. I'll wait to see if it bounces off this support around 1.3500 before making any decisions. Need to be patient and not chase the market, especially with all the global uncertainty at the moment.
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Update: Thinking a small position might be okay if it breaks above 1.3515, but still keeping a tight stop loss just in case. Better safe than sorry with GBPUSD lately!
J
@chloeanderson I agree with you, Chloe. That RSI is tempting, but fighting the trend can be risky! I'm also seeing the support around 1.3400, but I'm not convinced it'll hold. Maybe wait for a confirmation candle on the H4 before jumping in? I've been burned before trying to catch a falling knife, lol. Patience is key, like you said. Maybe a small position with a tight SL just in case? I'm still learning, but that's what I'm thinking rn.
@chloeanderson I agree with your caution on GBPUSD! RSI being oversold doesn't always mean an immediate reversal. The overall trend is still bearish, and it could easily stay oversold for a while. Waiting for confirmation is smart. I think a break below 1.33826 (S2) could be a good short entry, but I'd want to see some strong bearish candles first. Maybe wait for a pullback to SMA20 before shorting? Gotta be patient and protect your capital!