The GBP/CHF has formed head and shoulders pattern (Bearish SHS) with a clear double bottom at 1.2441. Bearish SHS could breakout below at 1.2440 aiming for D L5/ W L4 confluence 1.2415 and 1.2383. If the pair retraces to POC (top of the right shoulder, D H3, ATR pivot) 1.2515-30 we might see a rejection towards above mentioned targets. So traders should pay attention to POC rejection or breakout below 1.2440.
D H3 – Daily Camarilla Pivot (Daily Resistance)
POC – Point Of Confluence (The zone where we expect price to react – aka entry zone)
W L4 – Weekly L3 Camarilla (Very Strong Weekly Support)
D L4- Daily L4 Camarilla ( Very Strong Daily Support)
D L5- Daily L4 Camarilla ( Strongest Daily Support)
