FX.co ★ GbpChf Preparing To Breakdown. Stay Short and Move Risk To Breakeven

Technical Outlook and Chart Setups:

As depicted here, prices just want to break down below the wedge support region defined by 1.4800 - 1.4820 region. A push below 1.4800 would confirm the same. Intermediary support is provided by 1.4800, followed by 1.4700, and 1.4600 respectively. On the other hand, resistance remains lined up from 1.5050/60 region, moving up to 1.5150/60 and above. It is recommended to remain short expecting prices to break down below 1.4800, also selling intraday rallies. Further selling can be made on a breakdown of 1.4800 level also.

Trading Recommendations:

Remain short, move stop loss to at least breakeven. Target is open.

Good Luck!