GBPUSD Daily Analysis – August 8, 2019

GBPUSD continued its sideways movement in a trading range between 1.2077 and 1.2249. As long as 1.2249 resistance holds, the price action in the trading range could be treated as consolidation for the downtrend from 1.2578, another fall 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