Forex Opinion & Analysis
GBP/USD on Track for Bullish Bounce, Average True Range Set at 1.2595
Forex Strategy is Bullish: GBP/USDis currently at 1.2530 in a 5th wave in a channel. We are looking for a quick bounce and then a continuation to the ATR target at 1.2595 area, with an overall target the 1.000 Fibo at 1.2608. Watch the USDX for directions. The average daily true range (ATR) for the pair currently is 109 pips per day and its 90-day average is 97 pips per day.