Will the CHF bounce back down from the resistance?
Today, the CHF has risen up to the strong resistance level. A bounce back is a very probable scenario.
GBP/USD: bearish correction to begin soon
The pair is still consolidating under the Moving Averages. The main intraday target is the 89 Moving Average. If a pullback from this line forms little later on, there'll be a green light for a bearish correction.
It's likely to have a bearish correction towards the nearest support at 1.3127 - 1.3112. This area could be a departure point for an upward price movement towards the next resistance at 1.3157 - 1.3176.
Sergey Logachev
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