Sunday, March 30, 2014

Gbpchf to resume the bearish trend?

This pair really gave me a lot in the past two weeks. I have been buying at different positions and made more than 250 pips. But I see the recent bullish move could be a mere correction of the bearish trend we've been having.

I think it could be time for the bearish trend to resume, and if it is ready to resume, we could be in for mouth watering galore of PIPS

This is why i think the bearish could resume
1. the 4H has formed a bearsish gartley at a strong bearish trend line
2. the bearish formation is accompanied with a bearish candlestick formation
3. the momentum indicator on 4H is overbought and trending down while on D1 is overbought too but not trending down yet

If this pair will trend down as predicted, we should be expecting an initial movement to 1.4630 where we could see a buy signal to push up.

 If there is no sign of the bulls then price could drive down  below 1.4500 and then to 1.4400
Good luck to you all

If this analysis has been helping someone, pls drop a comment.Thank you

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