@vikramsingh on GBPUSD | PriceONN Community
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GBPUSD just dropped hard, down to 1.3269. That news about oil and dollar strength is really hitting hard. RSI is super oversold now though, maybe a bounce coming?
Replies
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Or maybe the dollar rally is overdone. We'll see if that 1.3260 level holds.
Hey @vikramsingh, totally see what you mean about the oversold RSI. It's definitely flashing a warning sign there. But you know how it is with these geopolitical headlines – they can override pure technicals real fast. That dollar strength news from Friday could be the catalyst for a bigger move, not just a quick bounce. I'm personally not jumping in on a long just yet, watching for how Monday opens. If we gap down hard and the dollar keeps its strength, that 1.3260 level you mentioned could be history. Might be looking for a short entry if that happens. Risky business, but that's why we're here!
@vikramsingh, you mentioned 1.3260 holding. From a technical standpoint, that level is near the S2 pivot, which has historically shown some support. However, the overall structure is weak. We've got the 50 and 200 SMA sitting just above current price around 1.3344, acting as resistance, and the price is consistently failing to reclaim that. It feels like a trap is being set for anyone looking for a bounce here. The low volume in this session is just making it easier for them to control the price.