EUR and CHF (European FX in general) likely bottomed for at least several weeks if not longer last week, but the exception may be GBPUSD , which traded into resistance on Friday and reversed. It’s also possible that GBPUSD made a major high in May. 12 month ATR fell to 2.82% in May. This indicator has registered such a low level on just a few occasions ever! The last time the reading was this low was in 2007. In fact, a combination of an ATR reading this low AND a monthly key reversal has only happened twice in the more than 40 year history of GBPUSD ; November 2007 and May 2014. I prefer to short GBPCHF rather than go long EURGBP given the relative weakness in EURCHF .