Forex Signals

GBPCHF Consolidates in a Triangle Pattern


The GBPCHF cross in its 4-hour chart exposes an ascending sequence that began on June 29th when the price found a bottom at 1.16307. The consolidation formation as a triangle pattern could be indicative of more upsides in the following trading sessions.

The price action seems like an expanding formation, which leads us to foresee increasing volatility in the following trading sessions. At the same time, the current consolidation pattern as a triangle pattern that the GBPCHF cross develops since early August makes us expect the cross’s bullish continuation.


On the other hand, both the RSI and the MACD oscillator confirms the bullish bias that the GBPCHF cross maintains.

A bullish position will trigger if the price surpasses the 1.1990 level, with a potential profit target in the level 1.2090, which coincides with the last consolidation zone of June 10th. The bullish scenario will invalidate if the price breaks below 1.1920.


Trading Plan Summary

  • Entry Level: 1.1990
  • Protective Stop: 1.1920
  • Profit Target: 1.2090
  • Risk/Reward Ratio: 1.43
  • Position Size: 0.01 lot per $1,000 in trading account.

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By Eduardo Vargas

Eduardo Vargas is a technical analyst and independent trader based in Buenos Aires, Argentina. He is an Industrial Engineer and holds a Master in Finance degree. In 2008 began to trade Chilean stocks listed on IPSA. From 2013 started to trade CFDs on Forex, Commodities, Indices and ETFs markets. He analyses different markets combining the Elliott Wave analysis with Fibonacci tools. He provides a market mid-long-term vision.

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