GBPCHF’s April 15 swing high order block got hit yesterday, looks like a bull trap!

Second Finlogix analysis today goes to the GBPCHF cross pair.

There are no further British and Swiss major impact data releases in the remainder of the week.

Re-assessing GBPCHF’s high timeframe candles:

Yearly Candle: Still a Green Body with a Longer Head Wick since last check

Monthly Candle: Last check is a Red Semi Doji now a Green Semi Doji

Weekly Candle: Still a Green Body with a Longer Tail Wick

Daily Candle: Yesterday close is a Green Body with a Slightly Longer Tail Wick current is Developing a Red Body with a Longer Tail Wick

The current monthly candle’s sudden change from Red to Green Semi Doji alone is my hint that there’s price exhaustion among the GBPCHF buyers!

But I might be wrong here as the 1.15 key resistance gets nearer. We will find out if there’s a continuation next week since the current weekly candle looks strong as well.

The cross pair’s price weekly range could have been hit too.

For now, before the 1.15 resistance target gets validated, the twice rejections near the 1.1490 this month are the next supply zones first.

Current price is hovering in the April 15 swing high order block and also consolidating.

There’s  a 50% odds that the current intraday candle expands or performs a double daily top candle.

However, I still like to short the cross pair at the current OB area with an adjusted stop loss below the twice rejection resistance while taking profit on 1.43 risk to reward score:

This will be a quick short trade again if it gets triggered!

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

GBPCHF Intraday Analysis and Trading Plan For April 25, 2024

Apr 25 2024

1