Forex Opinion & Analysis

GBP/USD Resumption Of Downward Channel Expected

Bearish

USDX is threatening to go down, but uncommitted at the time of this post. PPI was positive so USDX may go up-too early to tell.

GBP/USD is in a channel, so we should now see the resumption of the channel to the downside. We are looking for a continuation to the ATR Target at the 1.3796 area.

Watch the USDX for any change in direction. The ATR for the pair currently is 75 pips per day and it’s 180 day average is 84 pips.

GBP/USD channel continuation

Source

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