Rare Triangle pattern found.
The support & resistance around 1.255 mark would be the turning point for GU.
The recent spike up was due to
1) Oversold Gbp last month
2) Dollar weakening
3) Boris Johnson was out of intensive care unit
But, Lets not forget about the trade talks with EU.
Back then if there was no deal on the table, GU was headed for 1.13-1.15 range,...
Resistance at 112.782.
support awaits at 111.662
Will look to buy the pairs if it come back down to trendline support where RSI is nearer to 35-40mark.
Double support at that area, Risk is low, while rewards are great.
Good Luck FX:CHFJPY
Measuring the previous long consolidation phase of 6+days, if the same would to happen based on the decline in volume trend. Another 2-3days from today we would have an opportunity to BUY GU.
With Stop loss of 50pips, TP of 150pips. Risk reward 1:3.
We notice a couple of Double tops and double bottom, awaiting next double bottom !
if the next few days Boris...
