anilmangal

GBPCHF in a corrective structure.

FX:GBPCHF   British Pound / Swiss Franc
6904 29 192
The GBPCHF             as seen in the Monthly is making a corrective structure. The weekly structure is in a down move which could be the the start of the next down impulse. Selling pullback on lower degree is a good idea.
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Comment: 240 chart
snapshot
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Any updates? Still in consolidation? Should we sell now?
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tahic tahic
Looks like the consolidation is over.
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Got a nice impulse down now let's see if it continues after consolidation or not,
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Hello Mr Mangal, Last week, i asked how i could be a member, in your daily trading room. Im having a big problem downloading Skype, even with the app provided by Microsoft. I searched the net for answers, but sill no luck. Is there another way, to receive the info from you about your room? I have an email if that helps... Thank you.
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use the PM here , i'll send you the details
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Adriese PRO anilmangal
Nice
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Thanks for the likes Anilmangal. I'm doing my best to improve my analysis through sharing.
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tnx!
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Hello! I am new to forex and I appreciate your work Anil :). I was wondering if someone could explain how this chart provides evidence of a continued down trend?
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_VincentP_ quinnstevenso
Look at weekly chart. breakout of lower trend line. Continues to make lower lows and lower highs. On monthly you can easily see that the price can fall a whole lot more. 1.31 is the first area that could be touched in the coming month(s). Lots of buyers there. On the 4H chart posted later as a comment to this setup, you can see that there is some reversal going on but it should be limited. The limited strength the GBP is also supported by fundamentals. GBP is in a period of uncertainty at least until the referendum.
The current bull strength shouldn't last. If you then add the longer term view which is valid at least until 1.55 isn't broken and you end up with a longer term short view. P.S.: the MACD also shows that the bull strength is limited. All in all, sell on the rally, do pay attention to the levels so that you don't end up with a short position that is deep in red, like me. Of course, if you enter a short low but with a small lot size, you can always add on the way up, "averaging in" as they say. This should be limited though since the more you add, the more you can lose if it does go higher and higher and higher (in this case).

I hope I'm a bit clear? :)
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