In yesterday’s price action, the GBPCHF has formed a new swing high point through the bearish FVG’s territory mentioned on Monday.

To end my Finlogix analysis today, I’m updating a new one for the GBPCHF cross pair.

Finally, my 4 loss streak has ended after my May 13’s long trade plan has exited in profit:

https://www.finlogix.com/analysis/20240513/gbpchf-intraday-analysis-and-trading-plan-for-may-13-2024

A new overall record of 1 win and 4 losses.

There are no further high impact data releases in the United Kingdom and Switzerland today till Friday.

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 Spinning Top now a Red Long Lower Shadow

Weekly Candle: Last check is a Small Green Hammer now a Green Body with a Longer Head Wick

Daily Candle: Previous close is a Green Spinning Top current is a Red Spinning Top

After Tuesday’s drop from 1.14, GBPCHF’s price rebounded sharply, fully retracing the drop and breached the bearish FVG area.

The recent swing high at 1.1450 levels have temporarily pulled the price lower again but a higher low continuation is seen here after tapping the bullish FVG area last week.

Current consolidation’s structure suggests there’s a new up move to occur soon if the GBPCHF bulls win.

In that case, the bearish may fully retraced. However, if the bears win the consolidation, the lows last week found in 1.320 levels can be targeted which threatens to destroy the bullish FVG.

I’m still focusing on buying setups only.

I like to enter through the current levels not waiting for a re-test on the higher low trendline shown in the 4H chart above.

The take profit level is set upon the complete retracement of the bearish FVG.

However if the HL trendline fails to the downside, I’m putting the stop loss at 1.1350 only.

Let’s see if I can turn another win score on this one.

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 May 14, 2024

May 16 2024

Take Profit +0.70%

Holding time 1d0hr

1.14200

Entry price

1.15002

Take profit price

1

1