Bearish: GBP/USD currently @ 2.0551 in a channel in a range. We have convergence for the continuation of the channel. We are looking for a continuation to the ATR target @ 2.0456 with the further target for today the 1.000 Fibo @ 2.0428.
Watch the USDX for direction. The average daily true range (ATR) for the pair is 143 pips per day and it’s 90 day average is 145 pips per day. USDX is currently moving sideways.
