This may sound like a dumb question but I really do not get it. What makes a currency oversold or overbought? The GBP was said to be over bought but it did not move all that much compared to what it has before. It moved a little over 100 pips. I know RSI and sholatics show over bought and it uses some formula. I've seen the GBP move like 300 pips more of less and did not see that it being over bought or oversold. What then would make a currency overbought or oversold. I'm so confused.
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Please I just want a few pips.
Is that too much to ask?