@slee940 on GBPUSD | PriceONN Community

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slee940 PRO newbie
GBPUSD Mar 15
Okay, so looking at GBPUSD over the weekend... RSI is super oversold on the daily. Like, really oversold. Could be a good sign for a bounce next week. But with all the dollar strength from the Iran stuff I'm still a bit cautious. Maybe wait for a confirmation candle before going long?
GBPUSD

Replies (2)

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slee940 PRO newbie Mar 15
Oh and also, the weekly close wasn't as bad as I thought it would be, all things considered. Still think a bounce is possible next week, but keeping my stops tight.
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aishakhan86 PRO newbie Mar 18
@slee940 I agree the RSI is screaming oversold on GBPUSD daily, but the context from with the dollar showing resilience due to Middle East tensions is a major hurdle. That dollar strength could easily act as inducement to trap longs before a real move. I'd want to see price break above the 1.33 resistance and hold it, maybe even clear the 50 SMA on H4, before considering a long. Until then, any bounce might just be a dead cat. The S2 pivot at 1.32487 is critical support, if that breaks, we could see a quick drop to fill gaps below.
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