GBPCHF as a result of lasting from December 2015 declines, in October last year was once again at the level of 1.1900, where in the whole history of the quotes the price of this instrument was only once (now for the second time).
There was also a demand response in November, which indicated that it could potentially grow, but util now the pair continues to move in a narrow consolidation.
Looking at the weekly chart we will see that the price is currently around the upper limit of this box. In addition, this level also coincides with the 38.2% Fibonacci correction from the previous downtrend.
On the following chart of the current situation on the 4-hour interval, we note that the market has rejected yesterday local resistance at 61.8% Fibonacci correction. In the near future, we may expect further declines which could lead to a permanent rejection of the upper limit of consolidation (resistance) from the weekly interval.
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The bearish scenario also supports the fact that today the market has already overcome the lines of the local upward trend. In the near future, we may expect continuation of declines even to level of 1.3035.
