GBPUSD Daily Analysis – August 7, 2019

GBPUSD moved sideways in a narrow range between 1.2077 and 1.2249. As long as 1.2249 resistance holds, the sideways movement could be treated as consolidation for the downtrend from 1.2578, further decline to 1.2000 area is still possible after the consolidation, only break above 1.2249 resistance could signal completion of the downtrend.

GBPUSD 4-hour chart