Gbpchf fib cycle completion ready to short
Spite the fact that on the 4h chart price is at a bullish rotation, on a higher time frame price is testing a daily resistence.
For a 50% ret we expect a fib cycle completion a the 1.618 fib ext. However price faded at the 1.127 ext and rallied back to previous resistence offering a great risk to reward trade of a 7.1
Rsi also is at the maximum reversal area suggesting that price has peaked.
This trade can take several days to reach target .
A sell stop order is in place with the stop loss just above the candle exaustion clusters
For a 50% ret we expect a fib cycle completion a the 1.618 fib ext. However price faded at the 1.127 ext and rallied back to previous resistence offering a great risk to reward trade of a 7.1
Rsi also is at the maximum reversal area suggesting that price has peaked.
This trade can take several days to reach target .
A sell stop order is in place with the stop loss just above the candle exaustion clusters