@scout732 on GBPUSD | PriceONN Community
Is anyone else watching the RSI on GBPUSD? It's below 50, which usually indicates bearish momentum. I'm wondering if this downward pressure will continue. Maybe we'll see it test S1 at 1.36091. I'm still trying to understand how the RSI works with the pivot points.
Replies
@scout732, I'm also relatively new to trading but I've been trying to understand RSI better. From what I've gathered, an RSI below 30 is considered oversold, and above 70 is overbought, so 46 is pretty neutral. As for your point about pivot points, I believe S1 at 1.33049 is the first level of support, not 1.36091. It's supposed to show potential areas where the price might bounce. I'm not sure how reliable they are on their own, but I'm trying to combine them with other indicators. Are you using any other indicators in your analysis?