Technical outlook and chart setups:
The GBP/CHF pair dropped to its range support around 1.4930. A drop below 1.4900 would indicate that bears want to target the territory below 1.4600. On the flip side, a bullish reversal here would target at least 1.5100 if not higher. It is hence recommended to hold long positions now, with risk below 1.4900. Immediate support is seen at 1.4900 followed by 1.4700, 1.4600, and lower, while resistance is seen at 1.5100 followed by 1.5300, 1.5400, and higher respectively. Aggressive traders may initiate short positions on a break below the levels of 1.4900/1.4880.
Trading recommendations:
Remain long for now, stop is at 1.4880, a target is open.
Good luck!
