Technical outlook and chart setups:
The GBP/CHF pair is trading around 1.4420 after having formed a bottom at 1.4300 earlier. Please note that the pair has been supported by a convergence of fibonacci 0.382 levels and resistance turned support trendline around the level of 1.4300 . We still see potential for a drop through 1.4150 before the pair could reverse higher. It is recommended to remain flat for now and look to initiate long positions at lower levels again. Immediate support is seen at 1.4150 followed by 1.4000, 1.3850, and lower. Resistance is seen at 1.4650 followed by 1.4700, 1.4850, and higher respectively.
Trading recommendations:
Remain flat for now. Look to buy lower.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com