@faisal3509 on GBPUSD | PriceONN Community

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F
The current bearish trend in GBPUSD appears to be strengthening. RSI is indicating oversold conditions at 25.3, but this may not necessarily signal an immediate reversal. Further downside is possible, especially if it breaks below the S2 pivot point at 1.34401. Monitoring volume is crucial for confirmation.
GBPUSD

Replies (1)

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faisal3509 PRO newbie Feb 19
Update: A potential short opportunity might arise if we see a retest of the 20-day SMA around 1.34876. However, considering the oversold RSI, it's prudent to wait for a clear bearish confirmation before entering a position. A tight stop-loss order just above the 20-day SMA would be advisable to manage risk. Furthermore, keep an eye on any upcoming news releases that could impact GBPUSD. Currently observing price action near 1.3460. I'll be looking for a candlestick pattern to confirm the next move; H4 timeframe could provide more clarity. Will update again shortly.
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