GBPUSD Daily Analysis – July 17, 2020

GBPUSD moved sideways in a trading range between 1.2479 and 1.2669. As long as 1.2479 support holds, the sideways movement could be treated as consolidation for the uptrend from 1.2251, and further rise towards 1.2800 is possible after the consolidation. On the downside, a breakdown below 1.2479 support would indicate that the upside movement had completed at 1.2669 already, then another fall towards 1.2250 could be seen.

GBPUSD 4-hour chart