Bullish: We are currently @ 1.2110 in a range and a hard bounce. We have the start of convergence for the continuation up. We are looking for a continuation to the ATR target@ 1.2176 with the further target for today the 0.500 Fibo @ 1.2190. Watch the USDX for direction. The average daily true range (ATR) for the pair is 100 pips per day and it’s 90 day average is 94 pips per day. USDX is currently moving down.
GBP/USD: Range Bottom Bounce Likely
