theforexportal

GBPCHF at the point of no return?

FX:GBPCHF   British Pound / Swiss Franc
GBPCHF finds itself at critical support. 1.2269 looks like the last line of defense for G/C BULLS and a break beneath this level could signal a deeper move south.
The downtrend in place since the 22nd February continues though TDI studies are now stretched a look ready to move north.
Much depends now on news next week so its difficult to say which way we're going though clearly th fundamentals are against all GBP LONG trades.
This market is still BEARISH below 1.2366. Above 1.2366 will suggest a possible BULL relief rally.

Trade idea.
SELL under 1.2269
LONG if 1.2269 remains in tact after the first few hours of trading.

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