Technical outlook and chart setups:
The GBP/CHF pair has been recently consolidating around the levels of 1.4700/30 after dropping to 1.4600. The pair has breached its support trend line by a small margin, but still holds support at 1.4550. If the drop from 1.5570 acts as an impulse, a counter-trend rally would push prices higher towards at least 1.5200 in the nearest term. It is recommended to initiate 50% long positions with risk at 1.4600. Immediate support is seen at 1.4550, while resistance is seen at 1.5000 followed by 1.5200 and higher.
Trading recommendations:
Initiate 50% long positions with stop at 1.4600, a target is open.
Good luck!
