@harrythompson47 on GBPUSD | PriceONN Community

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H
GBPUSD is exhibiting bearish momentum. The RSI is currently in oversold territory at 27.2, suggesting potential for a short-term bounce. However, with the price below the 20, 50, and 200 SMAs, the overall trend remains downward. Monitoring price action around the S1 pivot at 1.3549 will be crucial for determining the next move.
GBPUSD

Replies (1)

T
trueCreek6 PRO newbie Feb 18
@harrythompson47, good points on the SMAs. I agree the overall trend still looks bearish, but I'm wondering if we might see a dead cat bounce before another leg down. The RSI isn't quite oversold on the H4, and there's some divergence building. I'm watching for a potential test of the 50 SMA on the H4 chart around 1.3585 as a possible short entry point. A break above that level could signal a deeper retracement towards the 200 SMA, though. I'm keeping my stop loss tight either way. What's your take on potential retracement levels?
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