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It’s Friyay, errbody!

Let’s finish the week strong by taking a closer look at GBP/CHF’s uptrend and GBP/JPY’s potential reversal.

Don’t even think of missing it!

GBP/CHF: 1-hour

GBP/CHF 1-hour Forex Chart
GBP/CHF 1-hour Forex Chart

Earlier this month, we checked out GBP/CHF’s downtrend for entry opportunities.

But that was a few weeks ago. That’s a bajillion years in forex world! GBP/CHF is now trading in an uptrend, yo!

The pound is flirting with 1.2650, which is right above an ascending channel support that hasn’t been broken since the start of the month.

Will the pound have enough buyers to extend its uptrend against the franc? Watch how it reacts to the channel support and be ready to buy at the earliest signs of bullish momentum.

The 1.2740 zone is a good enough inflection point to target but you can also aim for October’s highs if you believe that GBP/CHF still has room to rise.

Meanwhile, the bears can start making trading plans around a downside breakout. If you see GBP/CHF trading below the channel, then you should be ready to aim for previous areas of interest like 1.2600 or 1.2550.

GBP/JPY: 4-hour

GBP/JPY 4-hour Forex Chart
GBP/JPY 4-hour Forex Chart

Is GBP/JPY ready to reverse?

Guppy is forming what looks like a Head and Shoulders pattern on the 4-hour chart and basic candlestick pattern reading suggests that the “neckline” is around 156.75.

GBP/JPY has yet to form one “shoulder,” though, which means y’all have time to whip up trading plans for this setup.

A break below the neckline could drag GBP/JPY to the 155.75 zone.

Before you sell the pound like there’s no tomorrow, though, you should note that there’s no downside breakout just yet. Stochastic is also a hair’s breadth away from the oversold line so GBP/JPY could still extend its upswing after this week’s consolidation.

If GBP/JPY starts trading above the “head” part of the pattern, then you might want to flip your biases and trade a possible trend continuation instead.