GBPCHF – attempting a bearish breakout – the week of 13 Mar 2023
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Since Nov 2022, this pair has been attempting a resumption of the prior bearish trend although progress has been very slow and difficult. Price has been ranging between a trendline at the top and the horizontal s/r area at 1.070. However, PA within this triangle formation has been quite clean and the pair has consistently made lower highs. I am not convinced that a breakout is imminent, it is likely that the bulls have not given up entirely. Price may continue its movement within the triangle but I expect the 50 ema to start containing price below it during the coming week and eventually break down below the support area.
I will be monitoring PA on a lower timeframe during the week to find more evidence of bearish continuation. Entry short can be at breakout or upon a retest after the breakout occurs.
Nothing is 100% in trading, so as always, use sound money and risk management and stay patient in all your trades. If you like my analysis, please give it a “thumbs up” and follow me to get even more awesome content.
What do you think about this trade idea? Please comment and share your thoughts!!
I will be monitoring PA on a lower timeframe during the week to find more evidence of bearish continuation. Entry short can be at breakout or upon a retest after the breakout occurs.
Nothing is 100% in trading, so as always, use sound money and risk management and stay patient in all your trades. If you like my analysis, please give it a “thumbs up” and follow me to get even more awesome content.
What do you think about this trade idea? Please comment and share your thoughts!!
Trade attivo
Did not enter this trade yet, hopefully will be able to do that this coming week.
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