GBP/CHF: Is that just a False Breakout?

Hello, everybody, and welcome to my TradingView’s profile, my name is Gianni and today I’m going to analyse the asset, translating the market information by using a full technical analysis on different time frames, giving you a personal opinion about the next most likely market movement and helping you to spot and manage market opportunities.
My ideas are for those who are interested in improving their financial education and for those who are looking for new trading opportunities, according with their own strategies.

Weekly timeframe:

Daily timeframe:

4 hours timeframe:

Overall the market has been trending to the downside for a while and a bullish new impulse pushed the price up till an interesting key level.
The price closed few candles above the resistance level but it quickly retraced back, clue of sellers foot print around the level 1.26000

Still in bearish territory, the probability of a retracement to the downside is quite high!

When, where and why would I step into the market?
Looking at the intraday perspective, we can see the price still above a dynamic trendline and I will not plan any short position till the breakout of that line.

A breakout and some consolidation below the trendline would be an interesting confirmation to go short on this market, so at the moment I’ve just placed an alert around the level 1.24000

A clearly breakout to the upside would invalidate this trade idea and no action will be taken on this market!

If you enjoy this trade idea, please support my work with a thumb up and don’t forget to follow my profile for more detailed market analyses!

Trade safe and responsibly,
Gianni

DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose