Bearish: GBP/USD is currently at 1.1991 after making the turn in a range. With this breakout, we are looking for a continuation to the ATR target at 1.1907 area and then the 0.1000 Fibo at 1.1847.
We have convergence in play for the move. Watch the USDX for directions. The average daily true range (ATR) for the pair is 115 pips, and its 180-day average is 130 pips per day. USDX is currently threatening up.
