Descending triangle formation GBPCHF for the week of 01 Aug
This pair has been bearish since Apr 2021. Check out your weekly and monthly charts to see an even more strongly bearish picture. More recently, the pair has been consolidating within a descending triangle.
A base has been formed at 1.1520 that has not been penetrated and in my opinion, this is likely to happen. We may see this consolidation continuing for several more days as sell orders accumulate but I believe a break of this level will occur with momentum and provide us with a good short trade.
The next major support is located at 1.1250 and this will be my target.
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Always use sound money and risk management and stay patient in all your trades.
A base has been formed at 1.1520 that has not been penetrated and in my opinion, this is likely to happen. We may see this consolidation continuing for several more days as sell orders accumulate but I believe a break of this level will occur with momentum and provide us with a good short trade.
The next major support is located at 1.1250 and this will be my target.
If you like my analysis, please give it a “thumbs up” and follow me to get even more awesome content. Please comment and share your own thoughts!!
Always use sound money and risk management and stay patient in all your trades.
Trade attivo
This trade has not triggered yet, price action this week supports my idea. Will continue monitoring.
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.