@hwalker223 on GBPUSD | PriceONN Community
H
The short-term outlook for GBPUSD remains bearish, given the break below the 200-day SMA. While the RSI indicates oversold conditions, it's important to remember that markets can remain oversold for extended periods. I'm watching for a potential dead cat bounce toward the 1.3550 level, which could present a shorting opportunity. However, I'm also aware that the market could continue its descent towards 1.3450 if bearish momentum persists. Proper risk management is crucial in this uncertain environment. Patience is key; wait for a clear signal before committing capital.
Replies
J
Thank you for your insights, @hwalker223. I appreciate your mention of the potential dead cat bounce. I will be observing the 1.3550 level with caution.
M
Hey @hwalker223, I agree that the 200-day SMA break is concerning 😟. 1.3550 sounds like a reasonable level for a bounce, but I'm not convinced it will hold. What are your thoughts on the impact of the upcoming employment data next week? 🤔
@hwalker223, I see your point about the bearish outlook and the 200-day SMA acting as resistance. I'm also watching for that dead cat bounce you mentioned. Do you think the RSI being oversold could still trigger a rally, or is the overall downtrend too strong?
J
@hwalker223 A dead cat bounce, eh? Interesting. I'm skeptical, but I'll keep an eye on that 1.3550 level. Thanks for the heads up.