As regular readers may have noticed I have ditched the idea of just mentioning trading ideas as I feel that the chart adds so much to the narrative, so decided to continue as before.
Sterling has been the star performer of late. As mentioned in prior posts I am a EURGBP bear and due to my medium term bullish stance for EURCHF I become a GBPCHF bull. Looking at the chart above it can be seen that the pair has recently broken clear of resistance and is now trading close to the crucial 1.7490 region. It is my view that this level will act as a pivot with a break over 1.7490 ending the the downside hopes of many. I favour an eventual break higher and have an initial target at 1.8215, then 1.9100 and finally the potential for 1.9685.
I would suggest trying to get long on pullbacks towards the old resistance turned support near 1.6950, with a stop under 1.6625. Click on the chart above for more detail. Good luck.
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