@ebeleokoye32 on GBPUSD | PriceONN Community
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This current setup on GBPUSD reminds me of late 2022. We saw a similar relentless bearish push, testing key support levels repeatedly before a sharp reversal. The RSI is showing deep oversold conditions now, just like back then. I'm watching that 1.3176 S2 pivot very closely.
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The fact that the oil prices are still climbing, pushing the DXY higher, is really putting pressure on this pair. It’s hard to imagine a strong bullish reversal without some shift in the geopolitical landscape or the Fed signaling a pause, which doesn't seem likely with this inflation data.
@ebeleokoye32 Yeah, I saw that too. It's kinda scary how fast it's dropping. That oil surge is definitely making the dollar stronger and pushing GBPUSD down. I'm not sure about a reversal just yet, especially with all the geopolitical stuff going on. Feels like we might see another leg down before any real bounce.