GBP\/USD –Continues the Channel

Forex Strategy Bearish: We are currently @ 1.3371 in a channel. We are looking for a short bounce @ 1.3365 and then a continuation to the downside (due to USDX UP). We are looking for a continuation to the ATR Target @ 1.3372 area with a further target the 1.618 Fibo @ 1.3316. USDX is currently UP – if it flips this probably won’t happen. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 85 pips per day and it’s 90-day average is 89 pips per day.

DISCLAIMER: Trading in the Foreign Exchange market involves a significant and substantial risk of loss and may not be suitable for everyone. You should carefully consider whether trading is suitable for you in light of your age, income, personal circumstances, trading knowledge, and financial resources. Only true discretionary income should be used for trading in the Foreign Exchange market. Any opinion, market analysis or other information of any kind contained on our website, blog, voiced as an opinion in a live training room or posted anywhere in the internet world is subject to change at any time. Nothing in this website or live training room should be construed as a solicitation to trade in the Foreign Exchange market. If you are considering trading in the Foreign Exchange market before you trade make sure you understand how the spot market operates, be thoroughly familiar with the operation of and the limitations of your trading system, charts and brokers platform on which you are going to trade.