GBP/USD – 3rd wave on the horizon

Bearish: We are currently @ 1.2664 in a new channel after putting in a double top. We are looking for a 3rd wave continuation to the ATR target @ 1.2620 with the further target for today the S3 @ 1.2592. area. Watch the USDX for direction. The average daily true range (ATR) for the pair is 91 pips per day and it’s 90 day average is 93 pips per day. USDX is currently moving up.