Good day dear traders, we like to present to you our outlook on GBPCHF and EURGBP
This pair made a 2 step drop as shown on the daily timeframe with an obvious pressure increase to the downside. Going by the principle of alternation , we expect current intraday rally to be shortlived and give room for a last leg dip on the pair .
From intraday point of view, we can see a retest of TEMA with a visible M- Top formation. We therefore await a fakey at this location for a sell on the pair after ADR is achieved.
This pair has a reverse correlation with the above GBPCHF. Hence outlook are opposite. From the daily TF, we can see an obvious 2 step rally to the top. We expect a bounce from the current zone around the delicate low area identified to the top with an expectation for a divergence.
From the intraday view, we expect a bounce off ADR low around the TEMA, towards forming a W-base. After this test , we will take a buy trade on confirmation using the 123 entry parameter.
UPDATE on our last trade outlook… EURJPY followed our plan and we were able to cash out 230 pips on 2 entries.
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