Lower highs, daily bear trend dominate GBPCHF sentiment
Against a background of bearish signals on the week, Monday’s activity was trendless as sentiment traded sideways inside a small 67 pip range for an unchanged close. While rallies are attracting sellers at a daily down trend, bears are cautious with prices near 1½ year lows.
However, lower weekly highs and a daily bear trend are dominating sentiment and signals continue to point lower.
Management and risk description
Allow room to buy dip and lower stop to entry if the first target is met.
Entry: Market and 1.2813, today's open in Asia.
Stop: 1.2868, Thursday's Marabuzo line.
Target: 1.2649, the 4 week low and 1.2516, July's base.
Time horizon: Today only.
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