Bearish: GBP/USD is currently at 1.2734, possibly starting a third wave in a channel. If we can push through slope support here, we are looking for a continuation to the ATR target at 1.2600. Today's overall target is 1.000 Fibo at 1.3564. Watch the USDX for direction. The pair's average daily true range (ATR) is 105 pips per day, and its 90-day average is 96 pips per day. USDX is currently increasing.
GBP/USD Might Start 3rd Wave
