Sell opportunity for GBPCHFGBPCHF is heading to the downside. sell and take profit at the TP zone.
4HR time frame.
good luck!
Gbpchf_short
GBP/CHF 1D Chart: Heads towards 55-day SMAGBP/CHF 1D Chart: Heads towards 55-day SMA
The British Pound is simultaneously fluctuating against the Swiss Franc in three different patterns. The largest ascending channel started to form a year ago and nowadays consists of three reaction highs and two reaction lows. The medium ascending channel represents a fragment of the dominant formation and is lying along the rising 55-, 100- and 200-day SMAs. Accordingly, the third ascending channel began to form within the secondary pattern. As the currency rate has recently made a rebound, the Sterling is expected to enter into the new depreciation phase. In this sense, combined support set up by the 55-day SMA as well as the bottom boundaries of two secondary might temporarily withhold the pair above the 1.30 mark. But eventually the new medium-term downtrend is expected to prevail.
GBPCHF ShortLooking at the GBPCHF pair we can see it has bounced of the bottom of the range channel. Looking at the AO it is showing Inverted/Hidden Divergence , so price made a lower high, but the AO shows the pair made a higher high. This usually means we can expect another mover down & possibly retest the bottom of the channel.
GBPCHF Trend/Magic-T (UPDATE)Following my previous analysis of GBPCHF it is currently a profitable short I tend to keep. This update is about a new short position (add-to-current-position). It might continue up, so wait a bit and keep an eye on the chart to get a confirmation it will actually go short. I will have this on my 'radar' list. I do think it will confirm a short and if so be a marvelous place to add to your current short position.
GBPCHF Bearish WedgeThe GBPCHF pair have formed a Bearish wedge with divergence on STOCH, RSI & MACD. Wave counters will also see it has completed a 1-2-3-4-5 bearish setup. Wait for break and close below lower wedge channel.
