GBP/USD opportunity

Note: Prelim GDP q/q was negative

Bearish: We are currently @ 1.2032 in a channel in a range.  IF we get the breakdown, we are looking for continuation a 3rd wave to the ATR target @ 1.1928 area and then the 2.618 Fibo @ 1.1906. We have convergence in play for the move which was waiting for the Fundy this AM. Watch the USDX for direction. The average daily true range (ATR) for the pair is 125 pips and it’s 180 day average is 138 pips per day. USDX is currently threatening up but at a significant top.