Bullish:
GBP/USD is currently at 1.2250 just out of a falling wedge. If we can break the R2 here, we are looking for a continuation to the ATR target 1.2398 with a further target at 1.2416.
Watch for the reversal there. Watch the USDX for any change in direction. The ATR for the pair currently is 146 pips per day and its 180 day average is 121 pips per day. USDX is currently Down at the time of this post.
