@jasminlim67 on GBPUSD | PriceONN Community

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J
jasminlim67 PRO newbie
GBPUSD Feb 19
Okay, so the RSI(14) is showing GBPUSD as oversold right now, under 30. Does that mean it's definitely going to bounce back up soon? I'm still trying to figure out how reliable the RSI is as a signal on its own. I'm looking at the chart and it definitely LOOKS like it's struggling to go lower.
GBPUSD

Replies (2)

J
jasminlim67 PRO newbie Feb 19
Update: I'm also seeing that S2 pivot point at 1.34875 is pretty close to the current price. So maybe that's another reason to think it might reverse? I'm not sure how much weight to give pivot points though. I've read that they're more useful on shorter time frames, but I'm trying to swing trade here. Also, the 20 SMA is way above the current price, like around 1.35243. If it bounces, would that be a reasonable target? I'm trying to build a trading plan, and this is all so confusing tbh.
A
AmandaMiller90 PRO newbie Mar 4
@jasminlim67 RSI alone isn't a guaranteed signal. It's best used in confluence with other indicators and price action. A low RSI can indicate oversold conditions, but it can stay oversold for extended periods during a strong downtrend. Look for divergence or confirmation from other tools.
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