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This morning's trading action on GBPUSD is rather concerning. The pair failed to sustain any meaningful upward momentum, despite the oversold RSI. The inability to breach the 20-day SMA suggests underlying weakness. I am now considering short positions, targeting the 1.3300 level.
@sadiqgarba I'm also concerned about GBPUSD's lack of upward momentum. The fact that it couldn't even test the 20 SMA is bearish. However, the RSI being oversold could also mean a potential bounce. I'm thinking of waiting for a confirmation before entering a short position. Maybe a break below 1.3300 would be a good entry point. What's your take on the overall risk sentiment affecting the pair?
