GBP/CHF reversed from resistance zone

GBP/CHF reversed from resistance zone

  • GBP/CHF reversed from resistance zone
  • Next sell target - 1.2220.

GBP/CHF recently reversed down from the resistance zone lying at the intersection of the resistance level 1.1250 (former support level, which was set as the sell target in our earlier forecast for this currency pair) and the lower trendline of the recently broken up channel from last November (acting as resistance now after it was broken). The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Bearish Engulfing. GBP/CHF is expected to fall to the next sell target at the next support level 1.2220. (low of the previous minor correction 2 from March).

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