BluetonaFX - GBPCHF Rectangle Pattern LONG Idea
Hi Traders!
There is a rectangle pattern on the GBPCHF chart, and there is potential for long entry opportunities due to the upside due to the hold of the very strong support level at the 1.10576 area.
Price Action 📊
The market has been in a range for the past three months, with near-perfect bounces at the support area of the rangle and pullbacks at the resistance area of the range.
We are looking for opportunities for long entries near 1.10576, so the aim here is to buy market dips.
Fundamental Analysis 📰
The pressure on the pound has eased in the past couple of days. Most GBP pairs have come off lows from traders exiting their shorts due to potential USD weakness as a result of the war situation in Israel.
Support 📉
1.10576: RANGE LOW
Resistance 📈
1.12476: RANGE HIGH
Risk ⚠️
No more than 2% of your capital.
Reward 💰
At least 4% of your capital.
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX
There is a rectangle pattern on the GBPCHF chart, and there is potential for long entry opportunities due to the upside due to the hold of the very strong support level at the 1.10576 area.
Price Action 📊
The market has been in a range for the past three months, with near-perfect bounces at the support area of the rangle and pullbacks at the resistance area of the range.
We are looking for opportunities for long entries near 1.10576, so the aim here is to buy market dips.
Fundamental Analysis 📰
The pressure on the pound has eased in the past couple of days. Most GBP pairs have come off lows from traders exiting their shorts due to potential USD weakness as a result of the war situation in Israel.
Support 📉
1.10576: RANGE LOW
Resistance 📈
1.12476: RANGE HIGH
Risk ⚠️
No more than 2% of your capital.
Reward 💰
At least 4% of your capital.
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX