The GBP/CHF pair quotations on the daily chart have been moving in a constant downward movement since the beginning of May, practically without any corrections. In this context, Friday’s bullish, however, short-range candle, and today’s morning rebound continuation may look attractive to the sellers’ side. Yesterday’s session around 11 a.m. indicated a sudden retreat and strong drops. As a result, the daily candle ended with a long top shadow.
The supply pin bar in this layout may suggest that the price will still be heading south. The main factor is, of course, the Brexit and uncertainty about how it will end. The momentary rebound is a result of the announced resignation of Prime Minister May. It is hard to expect that it will give fuel to the Pound for a bigger rebound because, in fact, this information does not bring any new value.
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