GBP/USD Currently In A Channel

GBP/USD Bearish: We are currently at 1.2588 in a nice channel. We are looking for an initial move to the day/range bottom at 1.2489 and below that a continuation to the 1.618 Fibonacci at 1.2177. Watch the USDX for direction. The average daily true range (ATR) for the pair is 70 pips.


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