The level of 23.6% Fibonacci retracement at 1.3795 is in the focus on the H4. The next level to watch on the downside is 1.3755.
GBP/CHF: choose a level for selling
2020-05-15 • Updated
GBP/CHF slipped below the 50-day MA this week. The line is currently acting as resistance at 1.1905. Earlier declines below it led to bigger moves down. This allows us to expect that the fall below 1.1850 will trigger a slide to 1.1785 (38.2% Fibonacci retracement of the March-April advance) in line with the longer-term downtrend. The next key level on the downside will be at 1.1650. Moving Averages on the H4 are getting in the negative order. The overall outlook will remain bearish as long as GBP/CHF is trading below resistance at 1.2000.
Trade idea for GBP/CHF
SELL 1.1845; TP 1.1785; SL 1.1860
SELL 1.1990; TP 1.1870; SL 1.2010
The 200-period MA just above 1.3650 supported GBP/USD. The pair formed a higher low on the H1.
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