Technical Outlook and Chart Setups:
The single currency pair has been bouncing off between 1.4800/10 and 1.4880/90 levels lately. As it was depicted above, the trend line seems to be broken but price is holding 1.4800 level. The bears must be targeting the next support which is placed at 1.4700 level. Resistance should be met around 1.4920/50 levels. It is recommended to take maximum or all profits on earlier short positions taken and wait for a clear directional movement for now. A break past 1.4800 will target 1.4700 level.
Trading Recommendations:
Book profits on all short positions taken earlier. Flat for now.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
For detail explanation and best discovery on market trends you may visit via GbpChf Resistance Placed Around 1.4910/50 . Thanks for your support on GbpChf Resistance Placed Around 1.4910/50
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