GBPUSD moved sideways in a trading range between 1.2199 and 1.2387. As long as 1.2387 resistance holds, the price action in the range could be treated as consolidation of the downtrend from 1.2774, and further decline to 1.2000 area is still possible. On the upside, a break of 1.2387 resistance will indicate that the downtrend had completed at 1.2199 already, then the following upward movement could bring price to 1.3000 zone.
