Technical outlook and chart setups:
The GBPCHF is stalling at 1.2750/60 levels at this moment, after having reversed lower from 1.2840 levels yesterday. Please note that the pair is still testing the resistance trend line and a push higher from here could open doors for 1.2880 and higher levels. The wave structure reveals that the rally from 1.2450 levels is corrective till now but a push above 1.2840 levels could complete an impulse, indicating a meaningful bottom formation at 1.2450 levels. If this wave count holds true, the next move should be higher from here, till prices stay above 1.2650 levels. It is hence recommended to exit short now and turn long with risk below 1.2650 levels.. The pair should remain in control of bulls till prices stay above 1.2650 levels going forward. Immediate resistance is seen at 1.2850 levels, while support is at 1.2450 levels respectively.
Trading recommendations:
Exit short positions. Long now, stop below 1.2650 levels, target 1.2880 and higher.
Good luck!
