GBPCHF, 4hr tf, Head and shoulders pattern to materialized

8 พ.ย. 2020

Hello my friends,

Another setup for you is GBPCHF pairs.
This pair has moved in a sideways direction for the last 7 weeks since late September until now.
There is no clear direction from this pair and i think we could finally see some strong movement soon.

I am more bearish to this pair because the last 2 days, CHF was so strong.
You could see after marking my hozitontal support and resistance, i drew a trendline and price now below this ascending trend line.
At the same time, a head and shoulders pattern also completed and we could see price break the neckline soon.
The measured objective of this pattern is around 160-170 pips.

Sell GBPCHF 1.1845
Stop loss 1.1890
Take profit 1.1645 (4.4R)

RR ratio 1 : 4.4
Use only 1-2% risk
Good luck

If you find this post useful, please like my posts and follow me for my next updates.
Check my bio as well to find something interesting.