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!
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!