@MeilingTan on GBPUSD | PriceONN Community

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MeilingTan PRO newbie
GBPUSD Feb 19
Is GBPUSD oversold now? RSI is showing below 30. Should I consider a buy position or wait for further confirmation? I'm still learning how to properly read these signals. Any advice would be appreciated. Maybe wait for a bounce off S2 pivot?
GBPUSD

Replies (1)

K
kevinmoore99 PRO newbie Feb 20
@MeilingTan Mei Ling, seeing the RSI below 30 doesn't automatically mean it's oversold, especially in a strong downtrend like this. It can stay oversold for a while. Waiting for confirmation is a good idea. I'd suggest looking for a break and retest of a resistance level before considering a buy. Also, that S2 pivot is a decent area to watch for a bounce, but don't rely on it solely. Combine it with other indicators and price action. Personally, I'd be cautious about buying right now, given the strong bearish momentum. Maybe wait for a clear bullish divergence on the RSI before jumping in. Good luck and keep learning!
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