Discover why FBS reduced the GBPCAD spread and what to do next!
GBP/CHF was rejected down
2019-11-11 • Updated
Trade idea
SELL 1.3165; TP1 1.3120; TP2 1.3085; SL 1.3185
BUY 1.32; TP 1.3260; SL 1.3180
Here’s another short-term trade idea based on pursuing the market’s correction (remember that this kind of trade is riskier than trend trading).
GBP/CHF got capped last week by the descending 200-week MA at 1.3320. This is a very strong resistance level. On D1, we can see that the pair rapidly turned down from that level. The weekly pivot point is located at 1.3186, and GBP/CHF is now trading below this level. There are reasons to expect that the pound will slide a bit more before it gets to support line of the uptrend which has been in place since the start of the year.
The return above 1.32 is needed to let the pair retest 1.3260 and 1.33.
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Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...