The GBP/CHF on the daily chart has a very technical layout. The price has been growing since the end of August last year, and for 4 months the price perfectly respects the edges of the growth channel. Interestingly, the scheme is always the same – a double reflection from the bottom edge but only the second reflection brings a strong demand impulse. We currently have the same situation. We are only waiting for breaking the local resistance, which, as you can see, has been a good sign for bulls in the past. At 10:30 we will get inflation readings from Great Britain. It is such a strong point in the macroeconomic calendar that it should resolve the issue of breaking. Positive reading should mean upward movement, possibly comparable with the previous two impulses.

I trade on this instrument at  broker XM, which has in its offer more than 300 other assets >>

Leave us a comment!

Ransquawk