GBPCHF Rejection on the 1D MA200. 1-month downtrend ahead.

The GBPCHF pair got rejected yesterday on the 1D MA200 (orange trend-line) and today is on the strongest recent red 1D candle that is about to test the 1D MA50 (blue trend-line) as a Support.

Basically, the Bearish Megaphone pattern I presented more than two months ago is still intact, hitting all targets:

As you see, the price hasn’t yet broken above the Lower Highs trend-line of the pattern and the new rejection on the 1D MA200 serves as the latest Lower High. A break below the 1D MA50 and potentially subsequent Lower Highs on the 1D RSI, should serve as confirmation of a test of the 1.21000 Support. That is our short-term target. Based on the previous Lower Low sequence, we can even see an extension towards the 2.0 Fibonacci level. That is currently at 1.1950.

Tradingview link:

https://www.tradingview.com/chart/GBPCHF/1GaFtWEb-GBPCHF-Rejection-on-the-1D-MA200-1-month-downtrend-ahead