Possible Long in GBPUSD

٣١ أغسطس ٢٠٢٣

Pound has broken above the supply zone after forming a rectangle bottoming out pattern. It sustained above the supply zone and has also rallied from there confirming the change in trend. It is now re-testing the 200 period moving average on the hourly charts with the momentum at the mean. With plenty of support and the MA being here it looks like a good entry point to ride the uptrend should it resume.