Selling GBPCHF

British Pound/Swiss Franc FX:GBPCHF

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From a technical and trading perspective the GBPCHF has tested a resistance cluster 1.2850/1.29 containing symmetry,equidistance swing and fib significance. Yesterday’s bearish key reversal coincided with an exhaustion volume spike on the prior test of resistance, the tails on the daily candles combined with daily divergence suggest near term exhaustion. A breach of 1.27 today would confirm the reversal pattern and open a move to test prior resistance as support at 1.2490, a breach of 1.2785 would negate the pattern and give cause to reassess.

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