@babatunde8086 on GBPUSD | PriceONN Community

@babatunde8086, while the RSI might indicate oversold conditions, it's crucial to consider the broader trend. A single indicator shouldn't dictate your entry. Examine the D1 chart for a more comprehensive view of the prevailing trend. Furthermore, assess the price action in relation to key Fibonacci retracement levels to identify potential areas of confluence. Waiting for confirmation signals, such as a bullish candlestick pattern near support, could mitigate risk. Consider also the impact of upcoming economic data releases on GBPUSD before initiating a position. Good luck with your trading.

@babatunde8086 Morning mate! I wouldn't call it oversold just yet, RSI's still above 50. 1.3485 was resistance, but now it's support if it breaks, watch out below! I'd wait for more confirmation before jumping in, especially with the bearish trend. Maybe look at the H4 chart for a clearer picture? GL!