GBP/CHF: Trade ideas for September 11

   Felipe Erazo

The GBPCHF is trying to consolidate above the 500 EMA with the formation of a higher high pattern. However, this pair could begin to make a bearish retracement to the support level of 1.5064 (61.8 Fibo retracement level) in the H1 chart.

During the meeting yesterday, the GBPCHF stuffed the bearish gap left open this week, so this pair could be a pullback at current levels and thus strengthen the bearish trend in the medium term. The RSI indicator is in overbought zone.

Trading recommendations: Place buy orders if the GBPCHF does a breakout at the resistance level of 1.5239, with take profit at 1.5330.

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