GBPUSD Daily Analysis – July 20, 2020

GBPUSD continued its sideways movement in a trading range between 1.2479 and 1.2669. The sideways movement is likely consolidation for the uptrend from 1.2251. As long as 1.2479 support holds, the uptrend could be expected to resume, and further rise towards 1.2800 is still possible. On the other side, a breakdown below 1.2479 would confirm that the upside move had completed at 1.2669 already, then another fall towards 1.2250 could be seen.

GBPUSD 4-hour chart