GBP/USD – Wedge break out
Bearish: We are currently @ 1.2463 in a wedge pattern. If we can break slope support here, we are looking for a continuation to the 1.000 Fibo @ 1.2394 with a further target at the ATR Target @ 1.2362. We have convergence in play for the move. Watch the USDX for direction. The average daily true range (ATR) for the pair is 101 pips per day and it’s 180 day average is 118 pips per day. USDX is currently moving UP.