@O_Oluwole on GBPUSD | PriceONN Community

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O_Oluwole
O_Oluwole PRO newbie
GBPUSD Feb 19
I am currently analyzing GBPUSD for a potential swing trade. The daily chart indicates a bearish trend, confirmed by the SMAs. However, the RSI(14) is nearing extreme oversold conditions, suggesting a possible pullback. I am considering a short position, but only after a retest of the 1.3520 level, coinciding with the 20 SMA. A tight stop-loss order just above this SMA is crucial. Alternatively, a break below the 1.3480 support could accelerate the downtrend. What are your views on risk management in this scenario?
GBPUSD

Replies (1)

A
anjali1998 PRO newbie Feb 23
@O_Oluwole, your analysis is sound. The RSI divergence could be a precursor to a short-term correction, but I'd wait for further confirmation before entering a short position. The 200 SMA still looms above.
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