GBPCHF: Intraday Technical Outlook

After a breakout of a horizontal demand cluster last week, GBPCHF began to gradually recover while forming a symmetrical triangle pattern.

The market showed a clear rejection from the broken area. The next signal for a bearish trend will be a breakout below the support of the triangle pattern, confirmed by a 4-hour candle closing below that level.

This is likely to push the market down to at least the 1.1200 level.

If you have not yet entered a short position, it is recommended to wait patiently for a breakout to occur.