The overall long-term trend on all GBP pairs (except GBPJPY) is to the downside. However, for me, the location of a trade has to meet some criteria and I find those conditions met in the case of GBPCHF. Price is stalling at a significant S/R level, it thus gives me the ability to place a stop that is not too far away (about 50 pips in this case).
After 2 strongly bullish days last week, Friday candle shows inability of the bulls to take the price higher. The 1.2300 level is holding and the open and close of that day’s candle is almost at the same price. I see this as a reversal signal or rather a continuation of the long-term bearish trend.
Entry can be at current price or a break below Friday low. Stop above the Friday high would make sense. Target should be the next support in the 1.2120 area. We have a +2.5R trade possibility that is line with the major trend.
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After 2 strongly bullish days last week, Friday candle shows inability of the bulls to take the price higher. The 1.2300 level is holding and the open and close of that day’s candle is almost at the same price. I see this as a reversal signal or rather a continuation of the long-term bearish trend.
Entry can be at current price or a break below Friday low. Stop above the Friday high would make sense. Target should be the next support in the 1.2120 area. We have a +2.5R trade possibility that is line with the major trend.
If you like my analysis, please give it a “thumbs up” and follow me to get immediate notifications.
Always use sound money and risk management in all your trades.
Trade closed: stop reached
Did not work out :(
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.