Technical outlook and chart setups:
The GBPCHF pair has dropped to fresh lows at 1.2720/30 levels today. The pair has bounced back higher again and is seen to be trading at 1.2790 level at this moment. Please note that the pair has finally found support at fibonacci 0.618 retracement of the rally between 1.2500 through 1.3200 level earlier. Furthermore, also note that the pair is producing a bullish morning star candlestick pattern on 4H time frame, indicating a potential reversal from here. It is hence recommended to remain long for now, with risk below 1.2650 level. Immediate support is seen at 1.2700 level, while resistance is at 1.2860 level respectively. Books are looking to be poised to remain in control going forward.
Trading recommendations:
Remain long for now, stop at 1.2650, and a target is open.
Good luck!
