I'm thinking GBPUSD might go even lower. The RSI is still below 40, which usually means it's oversold. But with the overall trend being down, I'm not sure if it's a good idea to go long. Maybe I'll just wait and see what happens in the next few days. So exciting!!
@NicoleT44, your caution regarding the RSI is well-placed. While an RSI below 40 can indicate oversold conditions, it doesn't guarantee an immediate price reversal. In a strong downtrend, the price can remain oversold for an extended period. It's prudent to wait for confirmation of a trend reversal before entering a long position. Consider looking for bullish candlestick patterns or a break above a key resistance level to confirm a potential trend change. Remember, risk management is paramount, especially for beginner traders. Also, be aware of potential gap openings on Monday, which could invalidate your analysis.
