Inside Bar on GBP/CHF

Inside Bar on GBP/CHF

The GBP/CHF currency pair has become stable after a rather continuous rally. The current technical pattern signals a possible correction. A classic pattern of Price Action, Inside Bar, (H4 timeframe), has been formed in the trading instrument, which is currently the reversal formation. At the moment, the GBP/CHF quotes are testing a “mirror” support level of 1.22900. We recommend paying attention to this situation.

If the price fixes below 1.22900, GBP/CHF sales should be considered. The immediate goal for profit taking is the round level of 1.22000. In the medium term, the trading instrument may reach 1.21100-1.20400. Confirmations and market entry points should be looked for on lower timeframes. When tracking positions, we recommend using a trailing stop.

by JustMarkets, 2019.09.23

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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