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23 Jun 2015
GBP/CHF breaks above key resistance; More upside ahead?
FXStreet (Córdoba) - The pound rose for the second day in a row against the Swiss franc and finally broke above a key resistance level located around 1.4680 and reached momentarily levels on top of 1.4700.
GBP/CHF peaked at 1.4764, the highest level since March but then pulled back and dropped back below 1.4700. Currently trades far from the highest, around 1.4690 but still more than a hundred pips above yesterday’s closing price.
GBP/CHF ready to rally above 1.4700?
Since March the upside has been limited by the 1.4650 – 1.4680 area. Today the pair appears to be breaking the mentioned barrier. A consolidation on top could open the doors for more gains for the pound. A probable target could be the 1.50 handle.
If the pair fails to hold above 1.4650 and drops back below it could correct further to the downside. Potential support levels lie at 1.4490 and 1.4410/20.
GBP/CHF peaked at 1.4764, the highest level since March but then pulled back and dropped back below 1.4700. Currently trades far from the highest, around 1.4690 but still more than a hundred pips above yesterday’s closing price.
GBP/CHF ready to rally above 1.4700?
Since March the upside has been limited by the 1.4650 – 1.4680 area. Today the pair appears to be breaking the mentioned barrier. A consolidation on top could open the doors for more gains for the pound. A probable target could be the 1.50 handle.
If the pair fails to hold above 1.4650 and drops back below it could correct further to the downside. Potential support levels lie at 1.4490 and 1.4410/20.