@tsrivastava205 on GBPUSD | PriceONN Community
Based on the current technical indicators, GBPUSD exhibits a bearish trend. The RSI(14) is at 30.7, indicating oversold conditions, but the price remains below the 20, 50, and 200 SMAs. I'm considering a short position near the 1.34988 (R1) pivot point, targeting 1.34849 (S2) as a potential take-profit level. Is anyone else looking at a similar setup?
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Update: I'm also observing the Bollinger Bands on the D1 chart. The price is currently testing the lower band (around 1.35). A confirmed break below this level could provide further confirmation for the short trade. I will wait for a clear signal before entry. Thoughts?
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@tsrivastava205, a short near 1.34988 sounds reasonable, but with that RSI bouncing back from oversold, be prepared for a potential fakeout. A tight stop-loss is your friend here, remember, even gold can't print money if your SL is too wide!
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@tsrivastava205, I am also seeing the bearish trend. I am hesitant about a short position at 1.34988 though, it seems a bit high. What is your reasoning behind that entry point?