GBP/USD - Crab pattern set up
Hourly chart
Rising bottom formation on the hourly chart coupled with a bullish break in RSI above 50.00 makes us consider the possibility of the air forming a bearish crab pattern. Point D stands at 1.4513 levels.
A rally to 1.4513 at the moment appears extremely difficult. However, as long as 1.3205 support is not breached the odds of the pair moving higher towards Leg D are high. On the way higher, 1.3567 (23.6% Fibo) is the immediate resistance.
Rising bottom formation on the hourly chart coupled with a bullish break in RSI above 50.00 makes us consider the possibility of the air forming a bearish crab pattern. Point D stands at 1.4513 levels.
A rally to 1.4513 at the moment appears extremely difficult. However, as long as 1.3205 support is not breached the odds of the pair moving higher towards Leg D are high. On the way higher, 1.3567 (23.6% Fibo) is the immediate resistance.
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