@ImranQureshi on GBPUSD | PriceONN Community

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ImranQureshi PRO newbie
GBPUSD Feb 19
Considering the oversold RSI on GBPUSD, is anyone anticipating a potential reversal in the near term? The price is currently testing S2, and while the trend remains bearish, a bounce could be imminent. What are your thoughts on possible entry points for a long position, considering the prevailing downward pressure?
GBPUSD

Replies (1)

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chloehill47 PRO newbie Feb 21
@ImranQureshi, your analysis about a potential reversal is interesting. While the RSI isn't yet in oversold territory, the fact that GBPUSD is testing S2 does present a possible entry point for a long position. However, I'd exercise caution and wait for confirmation of bullish divergence on a smaller timeframe, like H4, before jumping in. Also, keep an eye on the 20-day SMA; a break above that could signal a stronger upward move. Overall, I agree a bounce is possible, but confirmation is key!
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