GBP/USD – Flag pattern says continuation

Jul 24, 2023

Bearish: We are currently @ 1.2840 in a 3rd wave with a flag pattern in play. MACD points the way down. If we can break support here, we are looking for a continuation to the ATR Target @ 1.2764 with the overall target the S6 @ 1.2530. This will require that USDX continues up. Watch the USDX for direction. The average daily true range (ATR) for the pair is 99 pips per day and it’s 90 day average is 94 pips per day. USDX is currently moving up.