Seeing GBPUSD oversold on the RSI. Could be a short-term bounce coming. But with those SMAs overhead, I'm not too confident. Maybe a small long position with a tight stop loss?
Update: On second thought, that 1.3420 level looks like a strong support zone. If it breaks, we might see a bigger drop towards 1.34. Risk/reward isn't great for a long position right now, imo. Better to wait and see if it bounces or breaks lower. Maybe look for a short entry if it retests 1.3440 after breaking down. Need to watch out for news events tho, could change everything. Always trade with caution, ya?
