💱 GBPCHF - Attempting to change the trend

10 พ.ย. 2023

GBPCHF is forming an attempt to break through resistance, but the liquidity area and fundamental component does not allow this to happen. A reversal setup is forming. The price breaks the trend support on the background of weakening of the pound sterling.

Prerequisites for further decline:
1) The pound sterling is weakening in the market.
2) The price breaks the trend support against the background of the third retest - a strong signal
3) Impulse is formed
4) A retest of the support at 1.0997 may form a correction (a logical reaction from the TA point of view).
5) After the correction, the decline may continue in the phase of reversal setup realization.

Key support: 1.0997
Key resistance: 1.1025, 1.1059