GBP/USD is currently at 1.221 in a trend and a 5th wave. We have convergence for the downside move. We are looking for a continuation to the ATR target at 1.2162 with the further target for today the 1.618 Fibo at 1.2139. Watch the USDX for direction. The average daily true range (ATR) for the pair is 80 pips per day and it’s 90 day average is 94 pips per day. USDX is currently moving up.
GBP/USD: One More Push Lower Likely
