GBP/CHF was rejected down

GBP/CHF was rejected down

Trade idea

SELL 1.3165; TP1 1.3120; TP2 1.3085; SL 1.3185

BUY 1.32; TP 1.3260; SL 1.3180

Here’s another short-term trade idea based on pursuing the market’s correction (remember that this kind of trade is riskier than trend trading).

GBP/CHF got capped last week by the descending 200-week MA at 1.3320. This is a very strong resistance level. On D1, we can see that the pair rapidly turned down from that level. The weekly pivot point is located at 1.3186, and GBP/CHF is now trading below this level. There are reasons to expect that the pound will slide a bit more before it gets to support line of the uptrend which has been in place since the start of the year.  

The return above 1.32 is needed to let the pair retest 1.3260 and 1.33.

GBPCHF daily.png


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