Technical outlook and chart setups:
The currency pair has bounced off the fibonacci resistance levels near 1.45/1.46 earlier while it was recommended to initiate short positions. A temporary base has formed at 1.4300/20 levels on smaller timeframes, and the trading strategy, which is selling, rallies. Hold short positions opened earlier. As it is depicted here, initial resistance is at 1.4800, followed by 1.5, while support is at 1.4 levels from here and further. Looking into the daily structure, GBPCHF's direction remains bearish and it rallies till the time the prices remains, at least, below 1.48. Furthermore, confirming trend reversal cannot take place till 1.5, which remains intact. Looking lower for now.
Trading recommendations:
Remain short, set stop above 1.47, target is open.
Good luck!
