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GBP/USD: 5th Wave Opportunity

08/14/2023

Less than a minute

2023.08.14 09:25

Scott Barkley

It appears that the is currently experiencing a bearish trend, with its current rate at 1.2659 in a fifth wave within a channel. If it can break through its current support, we can expect a continuation to the ATR target at 1.2600, with the overall target for today being the S4 at 1.2554. It’s important to keep an eye on the direction of the USDX. On average, the daily true range for this pair is 106 pips, with a 90-day average of 96 pips. Currently, the USDX is trending upwards.

GBPUSD –5th wave opp