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GBP/CHF Consolidates in Symmetrical Triangle on Daily

October 27, 2019 (Last updated on November 3, 2019) by

The uptrend in the pound vs. franc trading history is rather fresh if we look at the daily chart — it has started to rise just in August this year. After a brief correction that spanned from mid-September through the first decade of October, the pair rallied strong and is now consolidating inside a short-term symmetrical triangle. Breaking out to the upside from this formation will provide a good bust for GBP/CHF to rally further.

The borders of the triangle are shown with the yellow lines. The cyan line marks my entry level and is placed at 10% of the triangle’s base width above the upper border. The green line depicts my take-profit level in case of a successful breakout; it is placed at 100% of the triangle’s base width above the upper border. I will set my stop-loss to the lowest point of the triangle, which I consider to be at 1.26194. I will ignore downside breakouts from this triangle as it is a trend continuation pattern. You can click on the image below to see a full-size chart:

GBP/CHF - Symmetrical Triangle Pattern on Daily Chart as of 2019-10-27

I have built this chart using the ChannelPattern script. You can download my MetaTrader 4 chart template for this GBP/CHF pattern. You can trade it using my free Chart Pattern Helper EA.

Update 2019-11-03: GBP/CHF triggered a long entry on October 28 at 13:47 GMT at 1.2817 with stop-loss at 1.2748 and take-profit at 1.3051. Unfortunately, due to the incorrectly set stop-loss, it has been triggered the next day 10:17 GMT:

GBP/CHF - Symmetrical Triangle Pattern on Daily Chart as of 2019-11-03 - Post-Exit Screenshot

If you have any questions or comments regarding this symmetrical triangle on the GBP/CHF chart, please feel free to submit them via the form below.

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