Bearish: GBP/USD is currently at 1.2440 in a range and a breakout of slope support. If we can break this support, we are looking for a continuation to the ATR target at 1.2384 with a further target of 1.618 Fibo at the 1.2320 area.
Watch the USDX for direction. The average daily true range (ATR) for the pair is 91 pips per day, and it’s 180-day average is 110 pips per day. USDX is currently moving up.
