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:
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.
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.
