FxWirePro: GBP/CHF range bound, focus on tomorrow’s crucial parliamentary vote on Brexit deal

GBP/CHF chart on Trading View used for analysis

• GBP/CHF trades in an narrow range ahead of tomorrow’s crucial parliamentary vote on Brexit deal.
   
• Technical analysis is highly bearish. Scope for further weakness on charts.
   
• Momentum studies are bearish, RSI below 50, Stochs sharply lower.
   
• Price action has broken strong trendline support at 1.2640 and is below all major moving averages.
   
• The short-term fate of the Pound hangs on whether or not May can get a majority vote for her Brexit Deal tomorrow. 
   
• Early polling suggests the odds are heavily stacked against the PM as a deeply divided parliament appears set on rejecting the deal in its current format.
   
• Volatility to persist as Tuesday votes will be the primary driver of Sterling Direction.
   
• Next bear target lies at 1.250 ahead of 1.2459 (Sept 5 low). Break above 20-DMA could see retest of 200-DMA.

For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.