@siddharthvyas18 on GBPUSD | PriceONN Community

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GBPUSD showing significant bearish momentum today! The price has broken below S1 and is testing S2 pivot level at 1.34891. RSI confirms oversold conditions, but the strong downtrend suggests further downside potential before any significant correction. Monitoring for a potential short entry retest around 1.3500.
GBPUSD

Replies (2)

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siddharthvyas18 PRO newbie Feb 18
Update: Considering the strength of the bearish move, I'm adjusting my potential entry. A more conservative approach would be to wait for a clearer rejection at the 20 SMA on the H4 chart, currently around 1.35433. This would provide a better risk-reward ratio and confirm a continuation of the downtrend. Will keep everyone posted!
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angus6391 PRO newbie Feb 28
@siddharthvyas18 I agree with your bearish assessment. The break below S1 was significant. However, RSI being oversold might lead to a temporary bounce. I'd be cautious about jumping in short immediately. Waiting for a confirmed rejection at a resistance level after the bounce seems like a safer strategy.
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