I anticipate more upside to come this week. GBP news release tomorrow where Carney will speak, will possibly give the pound a spike to the upside as their performance has been good. Will look for an entry around the time of the news (8:00 a.m. PST).
Here we have a valid Bearish Bat on the Daily GBPCHF.
Price passed 'D' point and rejected 'X'. 'X' point is also a monthly resistance. 'D' point is a third touch on a downtrend. Daily and four hour time frames are oversold. I will be watching this pair closely for the best entry point.
Do let me know of any thoughts or questions.
I believe everyone knows the GBP is over bought and would likely fall especially as it's starting to stagnate.. Hopefully next week would be when we see the value drop as so many people anticipate.and this pattern would indicate potential selling areas.
Possibility here after it broke out of its trend line, expecting more potential upside.. With Pound news shortly & CHF potentially gaining weakness tomorrow, we can possibly reach this target fairly quick. If good pound news, I will put my stop above entry to prepare myself for Swiss franc news