Technical outlook and chart setups:
Let’s again look into the structure, depicted here on a 4H chart view. The single currency pair had bounced off the dropping trendline resistance earlier from around the 1.5 mark. At the moment, a short-term rally can be expected but it should remain well capped below 1.5/1.5050 enabling the bears to remain in control. Resistance is spread through 1.5050/60 and 1.5150 levels, while support is just below 1.4700. A break below 1.4700 will accelerate downside further. It is recommended to sell intraday rallies and favor downside from here on.
Trading recommendations:
Go short between 1.4875 - 1.4900, stop is at 1.5060, target is below 1.46.
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 is bearish below 1.5/1.5050. Prefer sell on rallies . Thanks for your support on GbpChf is bearish below 1.5/1.5050. Prefer sell on rallies
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