Technical outlook and chart setups:
A 4H chart view has been depicted here for the latest swing structure. The Line of Resistance was temporarily broken and prices rallied up to 1.44 level last week. But it needs to be noted that immediate resistance at 1.4520/30 has not been breached yet. Hence it is advisable to trade along with larger trend, which is down. As seen, the inner support trend line seems to be giving way at the moment for prices to move lower towards the counter trend line. Immediate resistance is just above 1.4500; while support is just below 1.4200 level, followed by 1.4030 and 1.4 respectively. Keeping above structure in mind, it is recommended to stay short till prices are below 1.4520/30 levels. Bottom line: Looking lower for now with resistance at 1.4520/30.
Trading recommendations:
Remain short, add further if possible, stop is above 1.4550, and target below 1.4.
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 ready resume next downswing below 1.4 level . Thanks for your support on GbpChf ready resume next downswing below 1.4 level
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