GBPUSD moved sideways in a trading range between 1.2558 and 1.2747. As long as 1.2747 resistance holds, the sideways movement could be treated as consolidation for the downtrend from 1.3176, further decline to 1.2500 area is still possible after the consolidation. On the upside, a breakout of 1.2747 resistance would indicate that the downside movement had completed at 1.2558 already, then the following rally could take the price to 1.2850 area.
