GBPUSD Daily Analysis – August 4, 2020

GBPUSD is facing the support of the rising trend line on the 4-hour chart. As long as the trend line support holds, the pullback from 1.3169 could be treated as consolidation for the uptrend from 1.2479, and further rise to 1.3300 area is still possible after the consolidation. However, a breakdown below the trend line support would suggest that the upside movement had completed at 1.3169 already, then the pair would find next support level at around 1.2850.

GBPUSD 4-hour chart