FxWirePro: GBP/CHF recovery lacks traction, weakness to extend on break below trendline support at 1.2985

• Minor recovery attempts in GBP/CHF do little to change the trend as bias remains bearish.
   
• Series of poor data continue to dent prospects for the UK, casting doubt on future rate hikes to come.
   
• GBP/CHF hovers around 1.30 handle, edges higher from new 4-month lows at 1.2987 hit on Thursday.
   
• The pair is holding strong trendline support at 1.2985. Break below will see further weakness.
   
• Price has dipped below 50% Fib and breach at 1.2985 targets 61.8% Fib at 1.2845.
   
• On the flipside, 5-DMA is immediate resistance at 1.3073. Break above could see minor upside.

Support levels - 1.2985 (trendline), 1.2913 (Feb 9 low), 1.2863 (Mar 2 low), 1.2845 (61.8% Fib)

Resistance levels - 1.3038 (50% Fib), 1.3073 (5-DMA), 1.3123 (21-EMA)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-GBP-CHF-rejected-at-strong-trendline-resistance-at-13265-break-below-21-EMA-13162-to-see-further-weakness-1404410) has hit all targets.

Recommendation: Stay short on break below 1.2985, target 1.2920/ 1.29/ 1.2865

FxWirePro Currency Strength Index: FxWirePro's Hourly GBP Spot Index was at -72.2993 (Neutral), while Hourly CHF Spot Index was at 81.3338 (Neutral) at 0445 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.