GBP/USD –might start a 3rd wave

Note: FOMC today
Bearish: We are currently @ 1.2734 in a possible start of a 3rd wave in a channel. If we can push through slope support here we are looking for a continuation to the ATR target @ 1.2600 with the overall target today the 1.000 Fibo@ 1.3564. Watch the USDX for direction. The average daily true range (ATR) for the pair is 105 pips per day and it’s 90 day average is 96 pips per day. USDX is currently moving up.