GBP/CHF: British Pound bounced at 1.26980 and approaches resistance at 1.27595

Denis Joeli Fatiaki Independent Analyst

GBP/CHF: British Pound bounced at 1.26980 and approaches resistance at 1.27595

What is going on now with GBP/CHF?

GBP/CHF: The British Pound held on above 1.27255 as indicated in yesterdays update and took out 1.27800 price target; however the Pound failed to continue to 1.28210 and fell to 1.26980 support during the overnight session. The pair managed to bounce at 1.26980 support in today's session and has retained its position above 1.27255 support.

Our forecast

GBP/CHF: The British Pound has now created a broader price range in the 60 minutes price chart from 1.27800 resistance to 1.26980 support. The pair could continue to re-test 1.27595 and 1.27800 if it remains above 1.27255 support. The pair could also pull back to1.27255 and 1.26980 support if it fails at 1.27255.

Support/Short-127.255, 1.26980, and 1.26705

Resistance/ Long - 127.595, 1.27800, and 1.28210

Chart 1: The short-term view of the GBP/CHF price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points

Chart 2: The short-term view of the GBP/CHF price action in the four hours price chart highlights the direction of the trend and the support and resistance price points

Author

Denis Joeli Fatiaki

Independent Analyst

Denis Joeli Fatiaki possesses over a decade of extensive experience as a multi-asset trader and Market Strategist.

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