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.