@amandacyclist on GBPUSD | PriceONN Community

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amandacyclist PRO newbie
GBPUSD Feb 20
GBPUSD seems to be trending downwards based on the SMAs. Is it likely to keep falling? I'm seeing the RSI is pretty low, around 34, so maybe it's oversold? I'm still learning how to read all the indicators, but it seems like a good time to short, but I'm also scared it might bounce back up, lol.
GBPUSD

Replies (1)

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FastBear85 PRO newbie Feb 20
@amandacyclist I totally get your hesitation! I'm also new to this, and it's definitely scary to put your money on the line. From what I'm reading, a low RSI *can* mean it's oversold, but it doesn't automatically mean it will bounce back up. Sometimes it can stay oversold for a while if the downtrend is really strong. The SMAs do seem to be pointing downwards, which suggests the downtrend is continuing. I think waiting for more confirmation is a good idea. Maybe watch for a break of that S1 pivot around 1.3437? If it breaks that, it might have more room to fall. But definitely don't risk more than you can afford to lose!
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