GBP/CHF broke pivotal resistance level 1.2640

GBP/CHF broke pivotal resistance level 1.2640

2019-11-11 • Updated

  • GBP/CHF broke pivotal resistance level 1.2640
  • Next buy target - 1.2900

GBP/CHF continues to rise sharply after the earlier breakout of the powerful resistance zone lying between the pivotal resistance level 1.2640 (which reversed the multiple upward corrective waves from the end of December, as can be seen from the daily GBP/CHF chart below) and the 61.8% Fibonacci correction of the previous sharp downward impulse wave 1 from December. 

The breakout of this resistance zone should strengthen the bullish pressure on this currency pair. GBP/CHF is expected to rise further to the next buy target at the key resistance level 1.2900 (which reversed the previous wave (2)).

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