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GBPCNH 19 May 2023 on the weekly timeframe, this pair is on a good momentum. It has been bullish since the second month of this year starting at 8.19876 until it touched 8.75113 this week. Although it has successfully penetrated the 61.8 level towards 100.0 Fibo, but if you refer to the MFI indicator which looks to have broken the 80 level which allows a trend reversal to occur due to overbought. If a bounce occurs, then go-short can be an option, but if the market conditions do not change and this pair is able to sustain, then go-long can be an option for long-term traders.

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