Technical outlook and chart setups:
The GBP/CHF pair breaks below 1.4975 mark and bounces off sharply towards 1.5020/30 levels as seen here. The expected fall from 1.5400/50 levels looks to be complete at least for now. A meaningful corrective rally could be underway any time now. Please note that the pair has also produced a morning star on the 4H view here, indicating a potential reversal ahead. Interim support is seen at 1.4950/40 while resistance is seen at 1.5300 (past support turned resistance), followed by 1.5450, 1.5475 and 1.5550 respectively. An aggressive way to trade could be to initiate long positions, risk below 1.4940.
Trading recommendations:
Aggressive trade is to go long now, stop at 1.4910, the target is open. Conservative trade is to remain flat and wait to sell higher.
Good luck!
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