GBPCHF Nearing Completion of Bearish Harmonic Pattern
Updated
GBPCHF Nearing Completion of Bearish Harmonic Pattern
Today, the economic calendar was empty, yet GBP displayed unusual bullish moves.
Considering that the price is near a strong zone where it has been rejected several times, the odds are that GBPCHF may move down again.
If the pattern completes, the price could drop from 1.1300.
However, given CHF's long-term strength, it's possible the price might decline even before the pattern's completion.
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
Today, the economic calendar was empty, yet GBP displayed unusual bullish moves.
Considering that the price is near a strong zone where it has been rejected several times, the odds are that GBPCHF may move down again.
If the pattern completes, the price could drop from 1.1300.
However, given CHF's long-term strength, it's possible the price might decline even before the pattern's completion.
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
Trade closed: target reached
Note
🚨Chancellor Reeves Reveals Budget
Highlights and forecasts from the UK budget
This budget raises taxes by GBP40 billion
We will maintain BOE's 2% inflation target
OBR says budget will boost long term growth
Will balance budget in third year
Confirms earlier reported rise in minimum wage
Will 'catalyze' 70 billion pounds through new National Wealth Fund
Will increase employers' national insurance contribution by 1.2 percentage points
Will reduce threshold for paying national insurance to 5000 pound by employers
Capital gains tax: lower rate will rise to 18% from 10%, higher rate will rise to 24% from 20%
Capital gains rise will raise GBP2.5B
Inheritance tax threshold freeze to be extended by 2 years
Will increase soft drink levy, will introduce tax on vaping liquids
Will cut duties on draught beer in pubs
Will abolish non-domiciled tax regime
Will introduce a residence based regime
Non-domiciled tax regime will raise 12.7 billion over next five years
Will raise tax on private equity carried interest to 32%
Energy wildfall tax will rise to 38%
Stamp duty on second homes to rise 2 percentage points
Fuel duty will be frozen for another year
Puts VAT on private schools and removes their business rates relief
Trade closed: target reached
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