GBP/CHF has one way

Information is not investment advice

There are many ways to bet on the decline in the British pound. One of them is to sell GBP/CHF. The pair ran into the resistance of the descending 50-month MA (1.3350). In addition, it tested levels above 200-week MA at 1.3257 but then returned below it.

On D1, the pound is currently enjoying the support of the 50-day MA and 23.6% Fibo retracement of the 2019 advance just above 1.3160. If this support is lost, there will be scope for a deeper decline to the 1.3010 area (38.2% Fibo, 100-day MA). In addition, a “Head and Shoulders” pattern on H4 confirms that the market has topped.

Elizabeth Belugina

Similar

14.10.2019 07:02 EUR/NZD: short-term idea

EUR/NZD is consolidating within a symmetric triangle around 1.7400. Where will it go next?

nzd eur

11.10.2019 08:39 GBP/CAD will be volatile

GBP/CAD made a huge leap to the upside yesterday and got above 1.65 and arrived at the resistance line from May.

cad gbp

11.10.2019 06:53 XAU/USD awaits trade info

One of the most attractive bets on the positive outcome of the trade negotiation is selling XAU/USD.

gold

Popular

14.10.2019 07:02 EUR/NZD: short-term idea

EUR/NZD is consolidating within a symmetric triangle around 1.7400. Where will it go next?

nzd eur

11.10.2019 08:39 GBP/CAD will be volatile

GBP/CAD made a huge leap to the upside yesterday and got above 1.65 and arrived at the resistance line from May.

cad gbp

11.10.2019 06:53 XAU/USD awaits trade info

One of the most attractive bets on the positive outcome of the trade negotiation is selling XAU/USD.

gold