GBPUSD Daily Analysis – August 14, 2020

GBPUSD failed to break below 1.2980 support and moved sideways in a trading range between 1.2980 and 1.3185. As long as 1.2980 support holds, the upside movement from 1.2251 (Jun 29 low) could be expected to resume, and further rise to 1.3300 area is possible. On the downside, a breakdown below 1.2980 support would indicate that the upside movement had completed at 1.3185 already, then next target would be at 1.2850, followed by 1.2760.

GBPUSD 4-hour chart