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Is anyone else observing a potential double bottom forming on the H4 chart for GBPUSD around the 1.3480 level? The RSI is currently oversold, but a bounce from this support could signal a reversal. What are your thoughts on a possible long position targeting the 1.3550 area?
@O_Oluwole I agree with your double bottom observation on the H4 chart. The RSI is definitely hinting at a potential bounce. However, I'd be cautious about targeting 1.3550 immediately. There's some resistance around 1.3520 that needs to be cleared first. A safer approach might be to scale in your position and use a tighter stop-loss. Keep an eye on news releases early next week that could impact GBP strength. Overall, a well-reasoned setup!
