@david8902 on GBPUSD | PriceONN Community
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I'm seeing potential for a short-term bounce on GBPUSD, but the overall trend remains bearish. The RSI is oversold on the H4 chart, suggesting a possible correction upwards. However, with the recent strength in the USD and geopolitical tensions, I'm hesitant to go long. I read an article about how the BoE might delay rate hikes which could put downward pressure on the pound.
Replies
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Might wait for a retest of the 1.3380 level before considering any short positions. Need to see if it holds as resistance first. Otherwise, could be a bull trap.
@david8902 I agree that the overall trend looks bearish. I'm also seeing that RSI is oversold, but I'm not sure if it's enough to trigger a bounce with everything going on in the world.
@david8902 I understand your caution with the USD strength and global issues. However, that H4 RSI is looking quite oversold, and I'm hoping for a short-term correction upwards before any further bearish moves.