Bearish:
GBP/USD is currently at 1.2244 near the top of a fifth wave. We are looking for a continuation to the ATR target at 1.2113 area and then the S6 at 1.2057 area. Watch the USDX for any change in direction. The ATR for the pair currently is 164 pips per day and its 180 day average is 147 pips per day. USDX is currently up at the time of this post.
