Forex Opinion & Analysis

GBP/USD Moves Up in a Channel

 

Bullish: We are currently at 1.2117 in a channel in a range. If we break this resistance, we are looking for a continuation to the 1.000 Fibo at 1.2174 area and then the ATR target at 1.2186.

We have convergence in play for the move. Watch the USDX for directions. The average daily true range (ATR) for the pair is 119 pips, and its 180-day average is 134 pips per day. USDX is currently threatening down in a corrective move.GBP/USD price chart.sd

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