GBPUSD Daily Analysis – August 11, 2020

GBPUSD moved sideways in a trading range between 1.2980 and 1.3185. As long as 1.2980 support holds, the sideways movement could be treated as consolidation for the uptrend from 1.2251 (Jun 29 low), and further rise towards 1.3300 area is possible after the consolidation. On the other side, a breakdown below 1.2980 support level would indicate that the upside movement had completed at 1.3185 already, then next target would be at 1.2850 area.

GBPUSD 4-hour chart