British pound breakout soon?
Great Britain released retail sales data on May 20, 9:00 GMT+3. The reading outperformed expectations greatly (+1.4% actual vs. -0.3% forecast).
GBP/CHF has one way
2019-11-11 • Updated
Trade idea
SELL 1.3140; TP 1.3015; SL 1.3165
There are many ways to bet on the decline in the British pound. One of them is to sell GBP/CHF. The pair ran into the resistance of the descending 50-month MA (1.3350). In addition, it tested levels above 200-week MA at 1.3257 but then returned below it.
On D1, the pound is currently enjoying the support of the 50-day MA and 23.6% Fibo retracement of the 2019 advance just above 1.3160. If this support is lost, there will be scope for a deeper decline to the 1.3010 area (38.2% Fibo, 100-day MA). In addition, a “Head and Shoulders” pattern on H4 confirms that the market has topped.
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