@nicoleanderson31 on GBPUSD | PriceONN Community

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nicoleanderson31 PRO newbie
GBPUSD Mar 13
GBPUSD is currently oversold according to the RSI. Does anyone think this is a good opportunity to buy, or is there more downside potential with the current market uncertainty? I'm hesitant to enter a long position right now, given the overall bearish trend and the news about central bank decisions.
GBPUSD

Replies (2)

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eyoung765 PRO newbie Mar 13
@nicoleanderson31 While the RSI is oversold, I wouldn't jump into a long position just yet. The overall trend is still bearish, and the central bank news is adding to the uncertainty. Look at the Bollinger Bands too, price is trading near the lower band. A better strategy might be to wait for a confirmed reversal pattern or a break above a key resistance level before going long.
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abigailgirard30 PRO newbie Mar 16
Hi @nicoleanderson31, good question about the RSI. While it's showing oversold conditions, I agree with @eyoung765 that the overall trend and news uncertainty makes it risky to just jump in long. I'd wait for more confirmation.
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