GBP/CHF Long-Term Trend: Bearish
Key Resistance Levels: 1.25520, 1.25831, 1.26000.
Key Support Levels: 1.24741, 1.24079, 1.23540.
The price on the higher time frame posted a double bottom formation which signals a potential reversal and a led to a breakout of the bullish channel to the downside. we expect that the price continue its movement to the downside toward the next key support level.
GBP/CHF Medium-Term Trend: Bearish
On the lower time frame, the price managed to break the bullish channel to the downside after an extended wave has been posted. The market as well found sellers near the 61.80% Fibonacci retracement level which led to further movement to the downside. a higher correction could be seen to the entry price level before a new bearish impulsive wave.
Sell Limit Order @ 1.25205
TP 1 @ 1.24863
TP 2 @ 1.24079
Stop Loss @ 1.25376
Trade Safely 🙂