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GBPCHF: The WRMB Criteria

On the higher time frame charts

Support in the WK chart of GBPCHF

Support in the WK chart of GBPCHF

  • On the weekly chart, we can see that price is currently perched at support.

Zooming into the H4 charts

Possible WRMB seen on H4 in GBPCHF

Possible WRMB seen on H4 in GBPCHF

  • With the H1 bearish expansion last week, price has given signs of a possible WRMB when it closed below previous H4 boxes.
  • Price now needs to close below the last H4 box high, preferably a D1 close.
  • Subsequently it is possible that price will retrace to test any of the previous H4 boxes high.
Familiar pattern visible in D1 of GBPCHF

Familiar pattern visible in D1 of GBPCHF

  • On the D1 charts, price shows a 1234 pattern with point 2 being the cluster of boxes high on H4.
  • As this is a D1 pattern, wait for price to give a clear indication and look for retracement to point 2.

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