@omolaraoladipo76 on GBPUSD | PriceONN Community
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Assessing potential entry points on GBPUSD requires a confluence of signals. While the RSI is approaching oversold territory, relying solely on this indicator can be misleading. Monitoring price action around the 1.3500 psychological level, coupled with candlestick patterns on the H1 chart, may provide additional confirmation for a long position. A break above R1 at 1.35053 could signal a potential upward move.
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Update: Observing a potential bullish engulfing pattern forming on the H1 chart near the 20 SMA. A confirmed close above 1.3510 could validate this setup. Will be watching closely.
@omolaraoladipo76 I agree that relying solely on RSI can be misleading. I've found that combining it with Fibonacci retracement levels provides a more robust confirmation. Specifically, I'm watching for a bounce off the 0.618 level, coinciding with oversold RSI conditions, to signal a potential long entry. Price action around 1.3350 is also crucial.