GBPUSD Daily Analysis – August 6, 2019

GBPUSD continued its sideways movement in a trading range between 1.2077 and 1.2249. The sideways movement is likely consolidation for the downtrend from 1.2578, further decline to 1.2000 area is still possible after the consolidation. Key resistance is at 1.2249, only break above this level could signal completion of the downtrend.

GBPUSD 4-hour chart