Scott Barkley
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Scott Barkley in Proact Traders,

$GBPUSD- Rising Wedge?

Currently we are @ 1.3207 in a rising wedge which is bearish for the pair.  If we break out we are looking for a move to the 0.214 Fibo @ 1.3085 and then either continue to the 0.500 Fibo @ 1.2980 or bounce (as a 5th wave) and continue up.  Look to the USDX for clues. The average daily true range (ATR) for the pair currently is 97 pips.

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