GBP/USD Rebounds from Support – Bullish Setup Toward 1.2725

Forex Strategy is Bullish: We are currently @ 1.2660 in a channel. Nice bounce here and if GBP/USD continues, we are looking for a continuation to the ATR target @ 1.2725 area, with a further target the 1.000 Fibo  @ 1.2733 area.  

USDX is currently showing signs down. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 90 pips per day and it’s 90-day average is 99 pips per day.

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