- GBP / USD prints light gains while consolidating recent growth movements.
- The bear chart pattern, the high monthly refresh failures keep the bears hopeful.
- 200-HMA is added to the disadvantage filter, the normal RSI conditions do not favor any change in the recent withdrawal.
GBP / USD remains strong around 1.3545, down 0.08% during the day in the first opening hour of Tokyo on Monday. By doing so, the pair presents a bear chart pattern on the hourly band (1H).
While the multiple withdrawals in the 1.3619 / 24 area join the normal RSI conditions to suggest an additional weakening in GBP / USD prices, sellers will wait for confirmation of the feather increase before taking records.
As a result, a clear decrease of 1.3525 becomes necessary, losing the 200-HMA level of 1.3460 for GBP / USD bears to cheer.
Subsequently, the previous week’s low, close to 1.3190, may provide an intermediate stop before pulling the monthly low around 1.3135.
Alternatively, a growth distance of 1.3624 should cross the top line of the declared upward feather, currently around 1.3630, to target the March 2018 low of close to 1.3710.
GBP / USD hourly chart
Trend: withdrawal is expected