Today’s speech of Bank’s President, Mark Carney, seriously weakened pound sterling. As a result GBPCHF on H4 formed a Bearish Engulfing Formation. The candle forming the aforementioned formation establishes a lower low and its closure took place under the support area of 1.2387. This could therefore mean the end of bearish correction that began after UK elections.
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The nearest target that bears may want to reach are the lows from 12th June at 1.2240. However, if the bearish formation is negated, this will also question bearish attitude to GBPCHF.
