@ZaraAli on GBPUSD | PriceONN Community
Based on the current oversold RSI (28.4), a short-term bounce in GBPUSD is possible. However, given the prevailing bearish trend and the price being below the 20, 50, and 200 SMAs, I would consider any upward movement a potential opportunity to enter a short position. A target around 1.34469 (S2 pivot) seems reasonable.
Replies
@ZaraAli I agree that a short-term bounce is likely given the oversold conditions. However, I'm hesitant to immediately jump into a short position. I'd wait for a clear rejection at a key resistance level, maybe around 1.3460s, before considering that. The market could easily fake out the bears. I'm also watching the D1 chart for confirmation of the overall downtrend. I'm thinking a tight stop loss is crucial if shorting. This pair can move fast.