Technical outlook and chart setups:
The GBP/CHF pair has dropped towards 1.5000 levels for now. The drop has accelerated after breaking below 1.5300 and subsequently 1.5200 levels. A break below 1.4975 levels, would ensure that the pair goes into deeper correction towards 1.48/1.47 levels. Support is seen at 1.4975/1.5000 while resistance is seen at 1.5300, followed by 1.5450, 1.5475, 1.5550 respectively. A pullback rally remains high probability from current levels. Recommendations are to remain flat for now and consider selling higher around 1.5200/1.5300 levels. CHF bulls look to be determined to remain in control for a while.
Flat for now. Looking to enter short again at higher levels.
The material has been provided by InstaForex Company – www.instaforex.com