_VincentP_
Short

Starting a new wave down

FX:GBPCHF   British Pound / Swiss Franc
GBPCHF             seems to be finally ready to head lower now that it cleanly touched the 50% fib level from the recent bearish trend that started at 1.5565 and ended at 1.3420.

I'm expecting a move further down to at least 1.4160 and probably 1.3980 but we might see a small correction during the first trading day of the new week. Similar action can be seen to have taken place on the 7nd and 8th of February.

RSI and stoch were overbought to an extreme and also showed a bearish divergence.

On Daily the new bearish candle engulfed the previous bullish candle and here the RSI and stoch were also overbought.

If we see a bearish weekly candle next week, which is very likely, this could go even lower and maybe back to 1.34 region.
Comment: Correction happened and now heading lower.
Comment: Price moved lower and if a position was take it would have resulted in B/E. GBP is being a lot more resilient against other pairs than I expected. However, is this gong to last?
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