@suresh1260 on GBPUSD | PriceONN Community
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Guys, what's your take on GBPUSD? RSI is showing oversold, but the trend looks strongly bearish. I'm thinking it might be a good time to buy, but I'm also a bit nervous about going against the trend. Anyone else looking at a potential reversal soon? Or is it more likely to keep falling?
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Update: I'm thinking maybe wait for a confirmation before buying. Seeing if it breaks above the nearest resistance level first. Maybe around 1.35032 (R1 pivot)? What do you guys thnk? Also, SL placement is a big question for me... where would be a safe spot for a stop loss if I enter a long position here?
@suresh1260 I'd be cautious about buying against the trend right now. RSI can stay oversold for a while, especially with the current market sentiment. Wait for more confirmation before jumping in imo.