@emily1960 on GBPUSD | PriceONN Community
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My analysis indicates that GBPUSD is likely to experience a short-term pullback before continuing its descent. The RSI, while oversold, doesn't guarantee an immediate reversal, and the 20 and 50 SMAs are acting as dynamic resistance levels. I'm anticipating a potential retest of the 1.3540-1.3550 range before another leg down towards 1.3480. It's important to monitor price action around these key levels and adjust positions accordingly. A break above 1.3560 would invalidate this bearish outlook. Also keep an eye on news releases for any unexpected volatility.
Replies
Hey @emily1960, your analysis is spot on! I agree that a short-term pullback is likely before any further downside. The 20 and 50 SMAs are definitely acting as resistance, and I'm also watching those levels closely. I'm curious, what are your thoughts on the RSI? Do you think it might give a false signal before the actual move?