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GBP/CHF Continues to Stay in an Ascending Triangle

The GBP/CHF is in an interesting consolidation pattern after falling from a multi-month high at 1.5410 to 1.4595. 

GBP/CHF Daily Chart 8/31
(click to enlarge)

The 4H chart shows that the prevailing dip was pretty sharp after a price top. Price came down below the cluster of 200-, 100-, and 50-period simple moving averages and the RSI dipped below 30. These are signs that bears are taking over. The fact that price is holding under 1.4916 and the moving averages, maintains a bearish bias. The RSI holding under 60 also reflects maintenance of the bearish momentum.

So, today's price action so far puts pressure towards the 1.4595 low with risk of breaking lower. It is definitely premature as price remains in essentially an ascending triangle. In the scenario that price pushes above 1.4916, we should shelve the bearish outlook and anticipate an attempt back towards the 1.5139 pivot.