GBPUSD moved sideways in a trading range between 1.2406 and 1.2522. As long as 1.2522 resistance holds, the downside movement from 1.2647 could be expected to resume and further decline to 1.2300 area is possible. However, a breakout of 1.2522 resistance would indicate that the downside movement had completed at 1.2406 already, then another rise towards 1.2800 could be seen.
