Technical outlook and chart setups:
A daily chart view has been presented here for a broader structural understanding. As seen here, past support of 1.4170 has been just tested before the prices pulled back sharply towards the 1.4550 region. This pullback rally was very much expected and it has a potential to extend towards the 1.46-1.47 mark, which is defined by past support turned resistance now. On the other hand, if extended rally fails to materialize, the prices are expected to form fresh swing lows from current levels of 1.4280. It is therefore recommended to remain around 30-40% short from yesterday, keeping space for higher up rallies to be sold.
Trading recommendations:
Remain only 30% short from yesterday, sell remaining if a rally materializes towards 1.46/1.47, and targets are at 1.38/1.39.
Good Luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via GbpChf reversal seen from current levels (1.4280) or 1.46/1.47 . Thanks for your support on GbpChf reversal seen from current levels (1.4280) or 1.46/1.47
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