As shown on the chart, GBPCHF its a sell. We could use as our confirmation:
1 - the raising wedge which has broken to the down side
2 - the amount of resistance met at the resistance levels
3 - the amount of bearish volume found.
We expect another drop here before any serious reversal on the GBP. The gbp might remain on a downtrend until we hear about the latest Brexit news in January which could also worsen the situation.
Overall the sentiment remains bearish on the GBP, making more room for the bears to walk in.
1 - the raising wedge which has broken to the down side
2 - the amount of resistance met at the resistance levels
3 - the amount of bearish volume found.
We expect another drop here before any serious reversal on the GBP. The gbp might remain on a downtrend until we hear about the latest Brexit news in January which could also worsen the situation.
Overall the sentiment remains bearish on the GBP, making more room for the bears to walk in.
Note
The last daily candle failed to show us bullish strength against the CHF. Showing that the next daily candle while be more driven towards the bearish side. Note
minor set back. Retail traders decided to push it to the top of the falling channel but it failed to breach. The trade is still valid if we break support.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.