Bearish: GBP/USD is currently at 139.42 in the channel. If we can break the triangle here, we are looking for a continuation to the 1.000 Fibo/ATR target at 138.78 with an overall target the 1.270 Fibo at 138.45.
Watch the USDX for directions. The average daily true range (ATR) for the pair is 121 pips per day, and it’s 180-day average is 160 pips per day. USDX is currently moving down.
