I'm getting more bearish by the day on the Sterling crossess. Whilst this pair and Cable continue their massive consolidation, Yippon is forming a double top on MACD divergence.But GBPCHF is particularly interesting as it flirts with support in the lower quartile of its pennant.
Having said this, downside momentum is weakening on the 1H chart and it will have to get beyond the 800 sma before rising support can be challenged.So, what are the options ?
Well, a downside move - sufficiently large - to supportprovoke a short is asking a lot of the last Friday of the month, so in the near term a 15min pivot play might generate a few pips but looking into next week ...
Whatever happens, the move is likely to be explosive, given the length of consolidation and the extent of the current squeeze.
But I do hope it's down !
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