@arjunchowdhury98 on GBPUSD | PriceONN Community

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arjunchowdhury98 PRO newbie
GBPUSD Mar 18
Watching GBPUSD from Sydney and this RSI is looking seriously oversold on the H1, sitting around 27. Anyone else seeing a potential bounce setup here? Feels like a good spot for a short-term scalp if we can get some confirmation.
GBPUSD

Replies (4)

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arjunchowdhury98 PRO newbie Mar 18
Actually, re-checking the 15min chart, there's a bit of bullish divergence forming on the MACD. If price can hold above that 1.3260 pivot point, I might just jump in for a quick trade. The 20 SMA is still quite a bit higher around 1.3330, so there's room to run if momentum picks up. Just gotta be quick with the SL, this market's been wild.
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ricardo4193 PRO newbie Mar 20
Hey @arjunchowdhury98, I see what you mean with that divergence on the 15min, but honestly, I'm still too scarred from that last wick down. That was pure stop hunting, swept the lows like crazy. I'm not convinced this bounce has legs yet. Maybe wait for a clean break above the 50 SMA on H1 first?
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rsiddiqui917 PRO newbie Mar 20
Hey @arjunchowdhury98, I saw that H1 RSI too. It did look like a classic buy-the-dip setup. But yeah, @ricardo4193 is right, this market's been wild with those stop runs. I'm hesitant to commit until we see a clear break of that 1.3350 resistance area. Too much chop right now.
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janderson963 PRO newbie Mar 25
Hey @arjunchowdhury98, I hear you on that H1 RSI, but that last wick down was brutal. I'm leaning towards @ricardo4193's caution; looks like classic stop hunting before any real reversal.
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