GBPUSD Daily Analysis – October 3, 2019

GBPUSD moved sideways in a narrow rang between 1.2205 and 1.2346. As long as 1.2346 resistance holds, the price action in the rang could be treated as consolidation for the downtrend from 1.2581, further decline to 1.2100 area is still possible after the consolidation. On the upside, a breakout of 1.2346 resistance would indicate that the downside movement had completed at 1.2205 already, then the following upside movement could take the price to 1.2600 zone.

GBPUSD 4-hour chart