GBP/CHF Pinbar for Bullish Continuation
The GBP/CHF is bullish and we could see a breakout move. The M H3 is being tested. We should see a move up.
The price is in an important POC (Point of Confluence) zone. We can see that the pinbar rejection is shaping up a potential move in the GBP/CHF. If the market continues with a bullish momentum we could expect a breakout above the camarilla pivot point M H3 which is the monthly pivot line. 1.2670. Continued GBP strenght might hit the M H4 resistance level and possibly M H5 resistance 1.2790 and 1.2900. However, traders need to watch for the channel resistance along with the breakout.
Lately we had risk-on mode which is directly tied to the CHF currency, but it seems that the risk-off is currently in play so watch for a move to the upside. GBP is very strong and we should see the move to the upside without compromising the M L3 camarilla support.