GBPCHF Bearish structure with entry point!

23 août 2023

In GBPCHF, we have a bearish setup with the price dropping sharply this morning after the negative news of a contraction in manufacturing and services in the Eurozone and the UK. I will look to enter a short position if the market retraces to a target zone at the level of 1.1190, which is a forex48 block where it's highly likely for the price to reverse. Of course, I will always wait for the necessary confirmations before entering the market, which I will be looking for on the M15 timeframe. In the event of an entry, I will place the stop above the previous swing high and set the take profit to recover all the liquidity, around the 1.11 zone. Happy trading to all.