GBP/USD – continuation on the menu
Note: ADP was positive this AM!
Bearish: We are currently @ 1.2733 after a correction of the last move in a channel. MACD points the way down. If we can break support we are looking for a continuation to the ATR Target @ 1.2671 with the overall target the 1.618 Fibo @ 1.2643. This will require that USDX continues up. Watch the USDX for direction. The average daily true range (ATR) for the pair is 108 pips per day and it’s 90 day average is 95 pips per day. USDX is currently moving up.