GBPCHF showing great potential for a 60 pip drop . Currently gbpchf is in the process of forming a pennant , due to the strong bearish momentum beforehand in around September i believe that the market is consolidating to ease the market down before further reaching new lower lows. Alongside this we can also see a bearish trend forming within the pennant which further leads me to believe in the downside momentum. The 0.50 fib level is clearly acting as a very strong resistance level in this example as well as price recently coming under the 200 EMA . The trade had been placed within the pennant but I will also look for further entries when we see a clear breakout to the downside. Take profit has been set at around 60 pips and SL at around 35 pips !