- The GBP / USD prints slight gains while consolidating recent bullish moves.
- The pattern of bearish charts, failures in updating the monthly maximum keep the bones hopeful.
- 200-HMA is added to the disadvantage filter, normal RSI conditions do not favor any change in the recent setback.
The GBP / USD remains heavy around 1.3545, 0.08% lower on the day, during Monday’s first opening hour in Tokyo. In doing so, the pair portrays a pattern of bearish charts in the hourly (1H) formation.
While the multiple setbacks in the 1.3619 / 24 area join the normal RSI conditions to suggest a further weakness in GBP / USD prices, sellers will wait for confirmation of the wedge rise before taking tickets.
As a result, a clear disadvantage of 1.3525, which also exceeds the 200-HMA level of 1.3460, is necessary for GBP / USD bears to rejoice.
After that, the previous week’s low of around 1.3190 may offer an intermediate stop before dragging the quote into the monthly fund surrounding 1.3135.
Alternatively, an upward slope of 1.3424 should cross the top line of the indicated ascending wedge, currently around 1.3630, to aim at the March 2018 low of near 1.3710.
GBP / USD time chart
Trend: A setback is expected