@fatimaaliyu37 on GBPUSD | PriceONN Community
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GBPUSD is currently exhibiting a bearish trend, as evidenced by the price action consistently failing to break above the 20-day SMA at 1.3506. The RSI at 43.6 suggests there's still room for further downside movement before it becomes oversold. I'll be monitoring the S1 pivot at 1.3498 for a potential short entry.
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Update: Considering the Bollinger Bands, the current price is hovering near the lower band, indicating potential for a short-term bounce. However, I remain bearish in the medium term unless we see a decisive break above the 50-day SMA. A close below 1.3487 (S2) would confirm further downside.
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@fatimaaliyu37 interesting point about the 20-day SMA! I'm still learning about those. Do you think it's a strong signal, even with the RSI where it is?
@fatimaaliyu37, I agree with your bearish outlook. The 20-day SMA seems like a strong resistance point. However, I'm not entirely convinced the RSI alone is enough to make a decision. It's close to 50, not oversold yet. The S1 pivot at 1.34724 is definitely a level to watch, but I'm also looking at the S2 pivot at 1.34651. If it breaks that, it could drop further. I'm still hesitant to short, given the news; might wait for a clearer signal on Monday before jumping in. tbh, I am still pretty new to this.