Technical outlook and chart setups:
1. The GBP/CHF pair rallied as expected yesterday. A push through 1.4950/60 levels is still required to confirm that bulls would remain in control further. Recommendations are to remain long for now. Risk can be reduced to 1.4700 levels.
2. Immediate support is at 1.4620/30 (intermediary), followed by 1.4550, 1.4350 and lower, while resistance is spread through 1.4950/60 (intermediary), followed by 1.5120/30 respectively.
3. The structure reveals that bulls would regain control if prices breach 1.4950/60 levels from here on. On the other hand, a break down of 1.4620/30 would indicate that further weakness is due towards 1.44 and 1.42 respectively.
Trading recommendations:
Remain long for now. Move stop to 1.4700.
Good luck!
