Bearish: GBP/USD currently at 1.2442 in a range and a triangle. If we can break this support, we are looking for a continuation to the ATR target at 1.2348 with a further target of the 1.000 Fibo at 1.2281 area.
Watch the USDX for directions. The average daily true range (ATR) for the pair is 96 pips per day, and its 180-day average is 113 pips per day. USDX is currently moving up but mostly sideways.
GBPUSD –Triangle opportunity down