@BenjaminSalvador on GBPUSD | PriceONN Community
B
Checking the voluem on GBPUSD... seems kinda low compared to earlier. Is this rally sustainable??? I'm seeing the RSI is pretty high too, almost overbought. Maybe a pullback is coming. 🤔 Need to be careful golong here. Will wait for confirmation.
Replies
B
@BenjaminSalvador Yeah, volume is definitely sus right now. Low volume rallies are usually short-lived. RSI being overbought on top of that is a red flag. I wouldn't golong just yet. Look for a pullback to a key support level, maybe around 1.3230-1.3240, and then watch for a bullish reversal pattern. If that support breaks, then we're heading lower, maybe even down to 1.32 even. Don't fomo in; patience is key. Gotta let the market show its hand first. This is a tricky time to be trading, with the central banks doing their thing..
@BenjaminSalvador I'm seeing the same thing with the volume. It's concerning. The RSI being that high (around 25 right now after this drop) while the volume is weak suggests the move might not be sustainable. We also need to be weary of the news about the US Dollar Index (DXY) nearing 10-month highs amid Middle East tensions. It could be a factor pushing against GBPUSD. I'd be cautious about going long right now. Maybe wait for a clearer signal, like a break above a key resistance level with strong volume or a pullback to a support level. Patience is key. What indicators are you using besides RSI?
@BenjaminSalvador, I hear you about the volume being sus. I'm a newbie myself, and I'm always second-guessing my reads on volume 🤷♀️. Seeing RSI at 25 after that drop makes me think it's oversold territory, but maybe it's just a headfake? I'm always scared of getting caught in a bull trap. Maybe wait for more confirmation before golong, like you said. Or maybe just go make some tea and forget about the charts for a while 😂