Quick update on GBP pairs.
It's rallied into some key resistance levels on my charts. This could potentially signify exhaustion and lead to speculative selling/profit-taking in the very short term.
Keep a watch on the formation of this daily candle, if it posts some kind of inverted hammer or outside day, then I may look to sell some GBP pairs next week in...
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GBPCHF calls BEFORE it happens. youtu.be
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. There is a possibility of temporary retracement to suggested support line (1.2233). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. GBPCHF is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
Like all the GBP pairs baring the NZD there are shorting opportunities on every pair.
waiting for monday
confirmation on the 4 hour TF and all my rules to be met then i will be opening a short position..
I was paying close attention to GBPCHF for a while
as it started approaching a significant level of resistance.
Finally on a daily RSI shows us clear divergence and very nice dodji.
The market also leaves clues on a 4H:
pair was trading in a rising parallel channel for more than two weeks
and finally, the...
Broken out of the channel formation to the upside.
We have a 38.2% Fibonacci pullback level of 1.2116 from 1.1851 to 1.2279.
Bespoke support is located at 1.2116.
There is scope for mild selling at the open but losses should be limited.
Expect trading to remain mixed and volatile.
We look to Buy at 1.2115
Target 1: 1.2270
Target 2: 1.2345