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austrian_trader
Aug 12, 2019 5:21 PM

GBPCAD Short Short

GBP/CADOANDA

Description

Things don't look like they'll be improving for GBP on a macro level anytime soon, and the algo generated a short signal for this pair on Friday's close.

It's true the RSI is under 30 here and many interpret that as "oversold" but in Spot ForEx "oversold" isn't really a thing, so it's sufficient that the RSI is under 50 to give an approximation of the strength of the move.

While a short does look appealing here, politics and sentiment move the pound quite a bit so risk management on an entry here will be important!
Comments
transparent-fx
I took a look at it as well, this is what i see
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