GBPCHF Weekly Technical Outlook
The GBPCHF market is largely bearish. Presently, price action is located at a significant horizontal support and we may see a brief bullish reaction or sideways of price action in the early part of this week.
On the daily time frame, price action has recently left an area of consolidation, the 1.18880/1.18050 zone (bound by magenta horizontal lines). Based on recent price action patterns on the daily time frame, we may expect a pullback as a retest of the zone or a sideways of price action before a bearish continuation. A falling trendline (blue) is still in play and may be influential as resistance later.
I may be wrong. Trade safe and prosper.
KP
The GBPCHF market is largely bearish. Presently, price action is located at a significant horizontal support and we may see a brief bullish reaction or sideways of price action in the early part of this week.
On the daily time frame, price action has recently left an area of consolidation, the 1.18880/1.18050 zone (bound by magenta horizontal lines). Based on recent price action patterns on the daily time frame, we may expect a pullback as a retest of the zone or a sideways of price action before a bearish continuation. A falling trendline (blue) is still in play and may be influential as resistance later.
I may be wrong. Trade safe and prosper.
KP
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