The technical analysis, that is analyzed according to my trading strategy, shows there are multiple short signals on GBPCHF daily chart. Also considering the fundamental aspect, there are currently some uncertainties around the Brexit and the future relationship between Britain and the European Union, which can strengthen the theory of a stop to the gains.
A bat pattern has been formed with its previous high being followed, by a bearish engulfing pattern. Now, with the latest high followed by an much stronger bearish engulfing pattern, that also breaks the bollinger upper band, I have a short trade signal, so I went short sunday evening, when the markets reopened from the weekend. My targets are currently around the 1.27000 and 1.29000 levels, but can change depending on the future price action. If the price fails to break below the 1.31147 level, the trade will be closed.
A bat pattern has been formed with its previous high being followed, by a bearish engulfing pattern. Now, with the latest high followed by an much stronger bearish engulfing pattern, that also breaks the bollinger upper band, I have a short trade signal, so I went short sunday evening, when the markets reopened from the weekend. My targets are currently around the 1.27000 and 1.29000 levels, but can change depending on the future price action. If the price fails to break below the 1.31147 level, the trade will be closed.