Eren_Jaeger_Trader

GBPCHF 1:5 Risk Reward LONG (Potential Setup)

Long
FX:GBPCHF   British Pound / Swiss Franc
Fundamentals:
LogicStrategy Quant scores shifting in favour of GBP, compared to the weak score provided for CHF.
- This was following the recent decrease in unemployment in the UK down to 3.8% from 3.9%.
- CHF PPI dropping significantly to 0% with a forecast of 0.2%
- CHF retail sales dropped significantly this month, down to -0.7%
- SVME PMI down for CHF to 48.5 with a forecast for 51

All signs showing the safe haven CHF is overvalued and requires a correction whereas GBP has started to gain strength amidst brexit negotiations being extended.

Technicals:
- Waiting for any long confirmation signals before considering an entry
- still to early in terms of technicals
- Would like to see 4HR higher highs, buying power candle stick confirmations etc..
Comment: No clear signs of support right now we'll see if the area holds or not. Doesn't look like it considering the momentum
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