GBPUSD is oversold on the RSI, but I'm not convinced it's a buy yet 🧐. The overall trend is still down, and the SMAs confirm that. I'll be looking for a break above the 20 SMA on the H4 chart before considering any long positions. Maybe a scalp if it bounces off S2, but very carefully! 🚀
Update: I'm seeing some potential for a short-term bounce from the S2 pivot. If GBPUSD can hold above 1.3480, we might see a move towards 1.3490-1.3500. But I'm still bearish overall, so I'll be watching for opportunities to short at higher levels. A tight SL is a must! 🔥 The BOLL bands also show some compression, which could indicate a breakout soon. Will keep you guys posted! I will be using my algo to look for buy signals. 🤖
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uNnamani32PROnewbieFeb 19
I agree with @runner54, the RSI is oversold but the trend is still bearish. I'm not buying the bounce yet either. Need more confirmation before going long.