Heading towards some critical levels now on GBP/CHF and expecting some big moves ahead and we have a few scenarios that are possibilities on where this pair is going.
Currently there is a lot of bearish bias on all GBP pairs so a break below the symmetrical triangle and another bearish leg to monthly support at 1.19260 is more than possible.
If we do break out of the lower TL i will be looking for a corrective structure to form and break on the 1H time frame in order to trigger a short entry.
Alternatively, we could see a bounce from the trend line and move back up to the upper TL in this structure for another leg up.
In order to get a long entry I will most likely wait until we break back above the midpoint support/resistance at 1.23400 and wait for a retest of this level in order to go long.
Remaining neutral for now and will react to what the market does either way.
For more trading related info head over to my instagram. - Link in BIO.
Currently there is a lot of bearish bias on all GBP pairs so a break below the symmetrical triangle and another bearish leg to monthly support at 1.19260 is more than possible.
If we do break out of the lower TL i will be looking for a corrective structure to form and break on the 1H time frame in order to trigger a short entry.
Alternatively, we could see a bounce from the trend line and move back up to the upper TL in this structure for another leg up.
In order to get a long entry I will most likely wait until we break back above the midpoint support/resistance at 1.23400 and wait for a retest of this level in order to go long.
Remaining neutral for now and will react to what the market does either way.
For more trading related info head over to my instagram. - Link in BIO.