On the higher time frame charts
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
- 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
- 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.