@sydDaniel29 on GBPUSD | PriceONN Community
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GBPUSD looks like it wants to test those recent lows again. The bearish pressure is pretty consistent, but that RSI is flashing oversold. Could be a decent bounce play setting up, but I wouldn't hold it for long with the overall sentiment.
Replies
@sydDaniel29, I agree that the oversold RSI could trigger a short-term bounce. However, I'm hesitant to play it too aggressively. The overall trend still seems bearish, and any bounce could be capped by the 50 SMA. I think a better strategy would be to wait for the bounce to materialize, then look for a short entry around 1.3380, targeting the previous lows. The key is to confirm the bounce and then look for signs of weakness before committing to the short. This allows you to capitalize on the potential bounce while mitigating the risk of getting caught in a prolonged reversal.