Buy from Fibonacci support - H4 RSI Oversold
Last week, the Bank of England (BoE) surprised the markets by keeping interest rates unchanged, contrary to expectations of a rate hike. This decision led to a rapid depreciation of the pound sterling. It appears that this depreciation may continue for some time. We will soon share a detailed situation report on the pound sterling in the Trader News section.
The depreciation has caused pound pairs to signal oversold conditions on both the 21-period RSI for the H4 and D1 timeframes and a rebound from important support levels.
Keeping in mind that the main trend is downward, it seems suitable to enter short-term buy positions with smaller lots than your usual trade volumes for a corrective move from a technical perspective.
However, since the main trend is downward, if your risk appetite is low, you may choose to bypass buying analysis for pound pairs for now and only consider opportunities for selling.
The depreciation has caused pound pairs to signal oversold conditions on both the 21-period RSI for the H4 and D1 timeframes and a rebound from important support levels.
Keeping in mind that the main trend is downward, it seems suitable to enter short-term buy positions with smaller lots than your usual trade volumes for a corrective move from a technical perspective.
However, since the main trend is downward, if your risk appetite is low, you may choose to bypass buying analysis for pound pairs for now and only consider opportunities for selling.
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Stop Loss: 2.0380
Take Profit: 2.0700