@rajesh95 on GBPUSD | PriceONN Community
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Anyone else think this GBPUSD move is just inducement before a big drop? RSI way too high on the 1h. Feels like they're shaking out late longs.
Replies
hey @rajesh95, yeah I'm seeing that too. it feels like it could drop, but I'm also seeing some support around that 1.33 area. Hard to tell what the big players are doing.
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Hey @rajesh95, I hear you on the RSI looking a bit extended on the 1h, and that 1.33 area is indeed a significant support zone based on recent price action and the S2 pivot. However, looking at the H4 chart, the RSI is currently sitting at 59.4, which is pretty neutral. The 200 SMA is also well below at 1.33349, indicating a longer-term bullish trend. I'm not convinced it's purely inducement for a drop just yet. We're seeing a tight range between the P pivot at 1.34276 and R1 at 1.34346. If we break convincingly above R1 with increasing volume, I might consider a small long. For now, I'm just watching the price action around this 1.3420-1.3430 area.