GBPCHF: Planning Short Entry

24 Nis 2020

GBPCHF has reached a strong 4H structure.

after a rally from 1.188 the price has finally stopped growing and the market is consolidating in a narrow trading range.

on 1H the price has violated a rising channel to the downside and now we see an ugly head and shoulders formation.

1.202 is the neckline. it should be broken to the downside (1H candle close below) to confirm the change in the market sentiment.
then I will short the pair on the retest, expecting a bearish continuation to 1.1945 / 1.1885 levels.
stop will be placed strictly above the head level.


if the price goes up, closing above the head level, setup will be invalid!