GBPUSD Bearish Crab
Here we have a Crab pattern meeting resistance on the 4H chart. The top resistance level at 1.29145 is in fact weekly support from when price previously stalled temporarily after brexit. A rebound from this level will see a pullback to previous resistance! The B and C points meet resistance/support at 1.25144 (0.562 retracement of XA) and 1.23598 (0.726 retracement of AB) respectively. The pattern completes at the D point of 1.29037 (1.618 of XA). I will not be surprised if price edges past and retests the resistance before dropping.
Crab ratios
AB: 0.382-0.618
BC: 0.382-0.886
CD: 2.24-3.618
XD: 1.618
Crab ratios
AB: 0.382-0.618
BC: 0.382-0.886
CD: 2.24-3.618
XD: 1.618
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