Above is the 4-Hour chart of GBP. The price has been moving upwards along the lime uptrend channel for more than 1 month. After reaching as high as 1.610, the pounds fell to around 1.588 currently. But it is still within the channel.
There is a bullish cross forming at the MACD, but we still need more time to confirm a successful cross. If a cross is confirmed, GBP would keep its rally along the channel, and would probably test the last high in mid-August (1.613).
Looking at the MACD, even if GBP broke the channel, it would not plunge too much before a rebound appears. Risk would not be too high to long the pounds.
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