Almost every GBP pair doing same setups for long side. but if it goes, GBPCHF will be more profitable because of its pip value and structure.
Always wait for some kind of confirmation in price action if you are a conservative trader.
Now there are 3 ways this structure can develop and the result is same; long term buy setup.
But at the trading perspective, you have to have an appropriate strategy for all of them and you have to know your stop loss, target and when to enter...
here is a mid term trade.
the correction is a type of flat
wait for the candle to close above trend line and better to wait for a consolidation or correction above trend line to confirm the breakout then take the trade
price is in a triangular pattern.
Usually triangles can break both ways, but I think this triangle is going to break upside.
Now structure is possible for both ways, its in wave 4 of an impulse to down, or in wave 2 for more upside; so if it breaks to upside I'm in, but if it breaks downside, i have no sell setup ...