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GBP/CHF: Bullish breakout and pullback, the bull is on its way

EagleFX

GBP/CHF has been bearish in the daily chart for the last four trading days. However, Friday’s candle closed within a level of support where the price had several bounces. The H1 chart shows that the price made a breakout on Friday’s highest high. The price has been bearish in the current H1 candle. It may have found its resistance, so it may make a bearish correction. The buyers are going to keep their eyes on the chart to get a bullish reversal candle at the breakout level to go long in the pair.

Chart 1 GBP/CHF H1 Chart


The chart shows that the price made a breakout at the level of 1.18200 and had a rejection at 1.18735. If the price comes down and finds its support at 1.18200, the buyers may wait to go long upon getting a bullish reversal candle. The entry shall be triggered above 1.18485. The price had several bounces at the level of support, thus the price may make a long bullish move here.

Entry: Buy above 1.18485

Stop Loss: Below 1.18200

Take Profit 1: 1.19000

Take Profit 2: 1.19200

Take Profit 3: 1.19500

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