Technical outlook and chart setups:
1. The GBP/CHF pair has reacted with an engulfing bearish candlestick signal around 1.5250/60 levels as seen here. The pair has reacted from fibonacci 0.618 resistance level and should continue drifting lower. It is recommended to remain short, risk remains above 1.5450.
2. Support is seen at 1.4960, followed by 1.4760/70 and lower while resistance is seen at 1.5350, and 1.5450 respectively.
3. The structure indicates that GBP/CHF is in control of bears for now.
Trading recommendations:
Remain short, stop above 1.5450, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
