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GBPCHF – Corrective Structure In Bear Trend. Time to Sell? | Jun 6
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GBPCHF – Small Corrective Structure In Bear Trend, Wanting to Sell (1hr chart)
Price Action Context
Like most GBP forex pairs over the last several weeks, the GBPCHF has been losing ground, in this case to the CHF to the tune of over 3.5 handles since mid-May. The pair has recently formed a small corrective structure at the bottom of this latest trending move, which we consider to be bearish.
Forex Trending Analysis
ST bearish as the structures and order flow continue to suggest the line of least resistance is downward til at least 1.27 is broken above on a daily closing basis.
Support & Resistance Levels
R: 1.2650, 1.2775
S: 1.2500, 1.25
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