GBP/USD – coming off the range top

Aug 22, 2023

Bearish: We are currently @ 1.2746 in a range. The breakout of the slope support here is significant. We are looking for a continuation to the 1.618 Fibo @ 1.2703 with the further target the 1.000 Fibo/ATR target @ 1.2665. Watch the USDX for direction. The average daily true range (ATR) for the pair is 92 pips per day and it’s 90 day average is 94 pips per day. USDX is currently moving up.