@NehaJoshi69 on GBPUSD | PriceONN Community
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The GBPUSD chart looks quite bearish today. I've noticed the RSI is around 30, which I understand is considered oversold. It's tempting to think it will bounce back soon, but the overall trend seems strongly downwards. I wonder if it might be better to wait for a clearer reversal signal before considering a buy position?
Replies
@NehaJoshi69, I wouldn't jump the gun just because the RSI is near 30. GBPUSD can stay oversold for a while. Better to wait for confirmation like you said. A break above a key moving average might be a safer entry than just relying on the RSI alone.
Hi @NehaJoshi69, I saw your comment about GBPUSD being bearish and the RSI being around 30. I'm also a beginner, so I'm trying to learn more about oversold conditions. 🤔 If the RSI is oversold, does that always mean it will bounce back? I'm looking at the pivot points, and S1 is at 1.35135. Do you think it might go down to that level before going back up? I'm a bit confused about how to use RSI with pivot points. Any insights would be really helpful! 🙏