GBP/USD – ready to short
Bearish: We are currently @ 1.2559 in the channel. IF we can break the support here, we are looking for a continuation to the 0.618 Fibo @ 1.2522 with the overall target the ATR target @ 1.2482. Watch the USDX for direction. The average daily true range (ATR) for the pair is 92 pips per day and it’s 180 day average is 132 pips per day. USDX is currently moving up.