GBP/CHF: The Pound trading below key Fibonacci resistance ahead of BoE speech

Bank of England Andrew Haldane speech at 18.15 GMT.
Key resistane to watch is 32.8% Fibonacci retracement at 1.3060.

Flavio Tosti Independent Analyst

GBP/CHF daily chart

The GBP/CHF is trading virtually unchanged at 1.3020 pinched between the 100 and 200 DMA. Both British Pound and Swiss Franc are up against the US Dollar as Trump suggested imposing tariffs on iron and aluminum, last week.

Next scheduled for the British Pound is a speech by Andrew Haldane, the Chief Economist at the Bank of England at 18.15 GMT in London. This could potentially affect the Pound. As a reminder, March 22, is a key date with the European summit expected to bring some conclusion to the trade deal between the European Union and the United Kingdom. Market participants will likely expect some volatility around this event.

Earlier in the European session, the Swiss CPI rose 0.4% m/m while increasing 0.6% y/y in February. However, the data had no direct impact on the GBP/CHF.

GBP/CHF 4-hour chart

On the 4-hour chart, the price is consolidating at the 100-period moving average just above the 23.6% Fibonacci retracement as seen on the chart. Intraday support is seen at the 1.300 figure. Key support is seen all the way down at 1.2900 figure not far away from the cyclical low. On the other side, intraday resistance is seen at 1.3050 which is the high of the day. The next key resistance should be around the 200 SMA and the 38.2% Fibonacci retracement at the 1.3100 figure.

Author

Flavio Tosti

Independent Analyst

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