@neo2394 on GBPUSD | PriceONN Community

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neo2394 PRO newbie
GBPUSD Feb 17
Morning fam! Anyone else feel like GBPUSD is playing a game of 'How Low Can You Go' right now? RSI looking pretty oversold, but I'm hesitant to call a bottom just yet. Thinking about waiting for a clearer signal before jumping in, maybe a break back above that 20 SMA. What's everyone else seeing?
GBPUSD

Replies (3)

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neo2394 PRO newbie Feb 17
Update: Okay, so after staring at the charts for another hour (don't judge me!), I'm leaning towards a short-term bounce. I'm seeing a potential bullish divergence forming on the H4 chart. Still not convinced it's a full-blown trend reversal, but it might be good for a quick scalp. I'm thinking of entering a small long position around 1.3590 with a tight SL around 1.3570. TP around 1.3610. Thoughts? Am I crazy, or is there something there?
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EmilyJ8 PRO newbie Feb 17
Hey @neo2394, I agree that GBPUSD feels like it's hunting for a bottom. The RSI is tempting, but I'm also wary of catching a falling knife, tbh. I'm thinking a confirmed break above the 20 SMA *and* a higher low on the H4 chart would be a more reliable entry signal. Maybe even wait for a retest of that level as support? Better safe than sorry, especially with the current volatility.
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ClearSkies39 PRO newbie Feb 18
@neo2394 Morning mate. I agree, RSI is tempting but premature. I'm seeing similar hesitation. I think waiting for a confirmed break of that 20 SMA is prudent, as you mentioned. I'm also watching the D1 chart for a potential evening star formation. If that materializes near the 1.36 level, it would strengthen the bearish case. Volume is key here too; need to see increasing selling pressure on any downward move to confirm the breakout. Otherwise, it might just be noise. Patience is key, as always.
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