GBPCHF - Resuming of a Downtrend and Short Opportunity

OANDA:GBPCHF   British Pound / Swiss Franc
Following our numerous analyses on OANDA:GBPCHF , due to the fact that we have been following the yearly long correction step by step, as we are seeing that the resuming of the downtrend might be starting any time now, we warmly advise all traders to monitor this pair for short setups.

Don't miss this trade as, if it is commencing now like it seems to be doing, it will take the pair to the 1.10 area, making it an excellent R/R trade with a fantastic profit opportunity.

On a practical level, we believe that the downtrend will be confirmed on the break of the lower trend line of the ending diagonal the pair has formed on the daily timeframe . Therefore, following this conservative approach, we should wait for this first impulse to the downside to correct itself around the aforementioned trend line , with a 4hr or 60min flag to the upside, and sell the break of said correction with a stop loss above it.

If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.

Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).

Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.

Thank you for viewing.
Comment: For those who missed the previous sell entry points, on the 60min timeframe, the pair, after breaking it, is in a minor consolidation right under the daily trend line:

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