The GBP setups ahead of CPI
The performance of the British pound against other majors has grabbed a lot of attention during the last couple of weeks.
Will GBP/CHF use its chance?
2020-07-08 • Updated
GBP/CHF formed a "bullish engulfing" candlestick on the W1. On smaller timeframes, we see a higher low that makes the price action resemble an “Inverse Head and Shoulders” pattern. That offers the pair an opportunity to gain to 1.1870/90 and then to 1.1945. At the same time, we can’t ignore the fundamentals: if the sentiment for the GBP deteriorates and GBP/CHF slides below 1.1800, the next stop will be at 1.1780.
Trade idea for GBP/CHF
BUY 1.1840; TP 1.1890; SL 1.1820
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