@omarahmed30 on GBPUSD | PriceONN Community
GBPUSD showing bearish momentum. Price below 20 SMA and RSI in oversold territory. Potential for a short-term bounce, but overall trend still looks down. Trade with caution, manage risk.
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Update: Looking at the D1 chart, the 50 SMA is acting as resistance. A break above that level could signal a change in trend. However, the recent series of lower highs and lower lows suggests the bears are still in control. I'll be watching for a potential short entry near the 50 SMA if price rejects that level. SL above the SMA. Also, keep an eye on news releases this week – that could affect the pair a lot.
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@omarahmed30 I see the bearish momentum too. But RSI is not oversold yet. Still some room to fall before a bounce. Manage risk is right.