GBP/CHF Consolidated in Triangle, Ready for Breakout
February 5, 2017 (Last updated on April 20, 2017) by Andriy Moraru
The British pound looks to be prepared for a continuation of its long-term downtrend against the Swiss franc. The GBP/CHF currency pair has formed a nearly perfect symmetrical triangle on its weekly chart. A downtrend breakout would definitely mean a bearish trend here.
The triangle is bordered with the yellow lines on the chart screenshot below. The cyan line is my entry level, which is positioned at 10% of the triangles width (at base) subtracted from the bottom border. The green line is my take-profit level, positioned at 100% of the same distance below the bottom border. I will ignore upward breakouts from this trend continuation pattern. Stop-loss is to be set to the high of the breakout candle. Please click on the image to see a bigger chart:
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 2017-04-20: I am cancelling entry order due to the upward breakout:
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.