Technical outlook and chart setups:
1. As expected, the GBP/CHF pair broke below 1.5000 levels yesterday before a pullback. The 1.5050/60 levels should act as resistance for any intraday rally to be capped lower. The pair is expected to continue lower towards at least 1.4700 levels before the rally could resume. Recommendations are to continue holding short positions, risk remains at 1.5140.
2. Support is seen at 1.4900, followed by 1.4780, 1.4650 and lower while resistance is at 1.5050/60 (intraday) followed by 1.5140 respectively.
3. The structure indicates that GBP/CHF retracement is underway now and minimum expectations are towards 1.4700 levels.
Trading recommendations:
Remain short, stop at 1.5140, target is 1.4700/10.
Good luck!
