Technical outlook and chart setups:
The GBP/CHF pair has dropped lower into the 1.5300 levels, breaking the immediate support trendline as seen here. At the moment, the pair has bounced off the past resistance turned support around 1.5275/1.5300 levels. A bullish reversal here has got potential to take prices on to fresh highs at 1.5620 levels at least, if not further. Immediate support is seen at 1.5250, followed by 1.5070, 1.5000 and lower, while resistance is seen at 1.5525. It is recommended to remain flat for a while and watch out for a reaction at the back side of the trend line which is resistance now.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
