olly48

GBP/CHF Retreating To Support

Long
FOREXCOM:GBPCHF   British Pound / Swiss Franc
GBP has been correcting over the past few days against most, if not all pairs. This recently had a breakout above a big resistance level so the retrace was expected and should go back to this previous resistance which will now act as support. Anywhere from 0.382 and 0.5 Fibonacci will be a good longing position. We need to see the price start to turn first and the MACD and EMA's confirm this is turning higher before entering a position.

Target is 1.25320 although there could be some resistance at 1.24742

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