Yes, it is possible to do both broadcaster and observer at the same time.
In the BLE component, You can put the device in to Central and Peripheral GAP role ,
Broadcaster settings to be noted: Make the advertisement settings as : Discovery mode: Non discoverable Advertising: Non connectable undirected advertising
Observer settings to be noted: To make the central in observer mode, add the below code in the CYBLE_EVT_STACK_ON event. cyBle_discoveryInfo.discProcedure=CYBLE_GAPC_OBSER_PROCEDURE; (for making observation procedure) After this call start scan API. Call start advertising API also in stack on. Now the device will act both as broadcaster and observer.