@neo2394 on GBPUSD | PriceONN Community

Update: Okay, so after staring at the charts for another hour (don't judge me!), I'm leaning towards a short-term bounce. I'm seeing a potential bullish divergence forming on the H4 chart. Still not convinced it's a full-blown trend reversal, but it might be good for a quick scalp. I'm thinking of entering a small long position around 1.3590 with a tight SL around 1.3570. TP around 1.3610. Thoughts? Am I crazy, or is there something there?

Hey @neo2394, I agree that GBPUSD feels like it's hunting for a bottom. The RSI is tempting, but I'm also wary of catching a falling knife, tbh. I'm thinking a confirmed break above the 20 SMA *and* a higher low on the H4 chart would be a more reliable entry signal. Maybe even wait for a retest of that level as support? Better safe than sorry, especially with the current volatility.

@neo2394 Morning mate. I agree, RSI is tempting but premature. I'm seeing similar hesitation. I think waiting for a confirmed break of that 20 SMA is prudent, as you mentioned. I'm also watching the D1 chart for a potential evening star formation. If that materializes near the 1.36 level, it would strengthen the bearish case. Volume is key here too; need to see increasing selling pressure on any downward move to confirm the breakout. Otherwise, it might just be noise. Patience is key, as always.