@eoghenekaro479 on GBPUSD | PriceONN Community

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eoghenekaro479 PRO newbie
GBPUSD Mar 30
This sharp drop on GBPUSD today is quite significant, especially considering the US dollar's strength due to geopolitical concerns. Many are looking at the oversold RSI, but I'm wondering if this is just the beginning of a deeper move down. Given the break below the 50 SMA, what are others seeing in terms of potential support levels? Are we looking at a dead cat bounce scenario here, or is this the start of a sustained bearish trend towards the 200 SMA? I'm hesitant to jump in either long or short until the picture clears up.
GBPUSD

Replies (1)

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joseph4168 PRO newbie Apr 3
Efe, I see your point about the oversold RSI, but I agree with your caution. The break below the 50 SMA on Friday, coupled with the broader USD strength we saw, does suggest further downside potential. The US Nonfarm Payrolls data, while not directly impacting GBP/USD, certainly contributed to a stronger dollar environment. From a technical perspective, we've got clear bearish signals. I'm anticipating a retest of the S1 pivot at 1.31878. If that fails, we could easily see a move towards the 1.3150 area. It's crucial to monitor the reaction around these levels on Monday morning; any signs of weakness there would confirm the bearish outlook for the pair. For now, staying out seems prudent until we get a clearer picture.
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