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Signal_Centre
Jul 18, 2019 10:36 AM

GBPCHF - Triggered short. Start of a recovery or chance to sell? Short

British Pound/Swiss FrancFXCM

Description

DAY TRADE - EXPIRES AT 9PM UK

Trade Idea
Trading within a Bearish Channel formation.
A break of bespoke support at 1.2341, and the move lower is already underway.
Bespoke resistance is located at 1.2387.
The bias remains mildly bullish but there is scope for a move in either direction at the open.
Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 1.2385, resulting in improved risk/reward.
Expect trading to remain mixed and volatile.

We look to Sell at 1.2325
Stop: 1.2375
Target: 1.2225
Target 2: 1.2150

Comment

Stop to 1.2346
Comments
Signal_Centre
Still short here. Still resistance at 1.2343 still preventing upside.
fali4209
Daily showing reversal to long. Weekly still short.
Signal_Centre
Resistance at 1.2343 seems to have done a job. Moving the stop to 1.2346
Signal_Centre
Absolutley not! Markets are all about differing opinions.

Keep learning and stick to your plan.

Cheers.
fali4209
Thanks for the offer might take you up on it. I’m just sharing my ideas sorry if it sounds like I’m trying to undermine your analysis.
Signal_Centre
Hey @fali4209

The analysis for this was written at 6:30am this morning, GBP has had a strong move higher, and given how oversold it is against a basket of other currencies, there is defintley scope for a rip your face of rally from here.

This is a day trade setup and clearly the trend overall remains bearish. If it is to fail, then I think it will happen around here. Let's see if GBP can finally get moving!

We post analysis on 36 markets each day, check out our site or join us on Telegram if you are interested.

Good luck.
fali4209
I’m long from 12250 target 12340
fali4209
RSI looks and other indicators showing as long but you have proven wrong before. Lol
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