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FxWirePro: GBP/CHF extends gains for the 3rd straight session, trades above 21-EMA
GBP/CHF chart - Trading View
GBP/CHF was trading 0.21% higher on the day at 1.2669 at around 12:10 GMT.
The pair is extending gains for the 3rd consecutive session, further upside on charts.
Price action has erased dip below 200-week MA and is on track to close the week with a 'Hammer' formation.
On the data front, headline UK Retail Sales recorded slightly better-than-expected growth of 0.5% in June.
While the core sales figures increased by a modest 0.3% during the reported month.
The seasonally adjusted IHS Markit/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) misses estimates with 60.4 in July (62.5 expected and 63.9 prior).
Meanwhile, the Flash UK Services Business Activity Index for July fell to 57.8 versus June’s final readout of 62.4 and 62.0 expected.
Disappointing UK Preliminary Manufacturing and Services PMIs had a little impact on the pound. GBP/CHF continues to grind higher.
Failure to close below 200-week MA gives additional boost to GBP bulls. The pair is on track to test 50-DMA and daily cloud at 1.27.