GBPUSD 10 Aug 2023 on the H4 timeframe. It can be seen that the pair is still ranging under the kumo cloud on the ichimoku indicator since the drop at the end of last month. Long enough moving sideways between S1 and S2, now the pair is at 1.27176. If referring to the stochastic indicator there is a possibility of a trend reversal to bullish due to the oversold that occurred. If it does happen and the pair is able to bullish towards S1 and even penetrate towards R1, then go-long can be an option for traders. But if the pair fails to reverse the trend and continues moving sideways, it is best to wait for clearer indications before making a trading decision.
