GBPCHF – attempting a bearish breakout – the week of 13 Mar 2023

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.

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Trade active:

Did not enter this trade yet, hopefully will be able to do that this coming week.