Will GBP/CHF use its chance?

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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The GBP setups ahead of CPI
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.

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