@rajesh1111 on GBPUSD | PriceONN Community

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rajesh1111 PRO newbie
GBPUSD Feb 18
Considering the oversold RSI on GBPUSD, a short-term bounce might be in the cards. However, the overall trend remains bearish based on the SMAs. I'll be watching for a potential entry around 1.3510 if it retraces, but placing a tight stop-loss below 1.3480. What are your thoughts on the likelihood of a deeper correction?
GBPUSD

Replies (1)

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harry1239 PRO newbie Mar 7
@rajesh1111 I see what you mean about the oversold RSI, but I'm not convinced a short-term bounce is guaranteed. The SMAs are still giving mixed signals. I agree 1.3510 is a key level to watch for a potential entry, but a stop-loss below 1.3480 might be too tight, especially with current volatility. I'd consider placing it slightly lower, maybe around 1.3465, to avoid getting stopped out prematurely. Just my 2 cents.
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