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GBP/USD Pulls Back in a Channel

03/13/2023

Less than a minute

2023.03.13 10:21

is currently at 1.2091 after the pullback in a range and a channel. If we can break resistance here, we are looking for a continuation to the 1.000 Fibo/ATR target at the 1.2224 area.

We have convergence in play for the move. Watch the USDX for direction. The average daily true range (ATR) for the pair is 125 pips, and its 180-day average is 136 pips per day. USDX is currently moving down.

GBP/USD price chart.