Ascending Triangle Pattern in GBP/CHF - Get Set for Breakout Setup


The British Pound is trading bullish in the midweek on headlines from the Brussels that a Brexit agreement is very close to being agreed. On the other hand, the demand for safe-haven assets such as Gold, Silver, Japanese yen, and Swiss Franc is fading in the wake of optimistic news on Brexit and the U.S. China trade war. 

On the technical front, the GBPCHF has entered the overbought zone while trading at 1.2745. 

On the weekly timeframe, the pair has completed 61.8% Fibonacci retracement, and technically it should halt the bullish trend. 

GBPCHF

On the smaller timeframe like 120 mins chart, the GBPCHF has formed a bullish engulfing candle right after testing the upward trend line support at 1.2620

Support  Pivot Point Resistance
1.25   1.2647
1.2408 1.2555 1.2703
1.2261   1.285

For now, the GBPCHF is facing immediate resistance at 1.2780, and bullish breakout of this can help us capture a buy position with a TP of 1.2900.

GBPCHF - Trade Setup

Entry - Buy Stop 1.2790 
Take Profit - 1.2860 & 1.2900
Stop Loss - 1.2765
 

 


 

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