@elenagarcia70 on GBPUSD | PriceONN Community
GBPUSD is exhibiting bearish momentum, currently testing the S2 pivot level around 1.3482. The RSI(14) at 36.1 indicates potential for further downside. However, traders should be cautious of a possible bounce from this support level. Monitoring price action closely for confirmation.
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Update: A break below the S2 pivot could open the door for a move towards the next support level. I'll be watching for confirmation of the breakdown with increased volume. It's important to note that the 200 SMA is significantly higher at 1.36141, so any short positions should consider this as a potential resistance if the price reverses. Furthermore, the Bollinger Bands are relatively tight, suggesting a potential volatility expansion in the near future. Always consider the risk-reward ratio before entering any trades. A tight stop-loss is advisable given the current market uncertainty. Monitoring the D1 chart for further clues.
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@elenagarcia70 I saw that S2 level too. do you think it will break through or bounce? i'm still learning how to properly read RSI.