FxWirePro: GBP/CHF consolidates losses after hitting 15-month lows at 1.2379, bias lower

GBP/CHF chart on Trading View used for analysis

• GBP/CHF is trading in an extremely narrow range, with session high at 1.2443 and low at 1.2421.
   
• The pair is consolidating previous session's losses, technical bias remains bearish. Next major support lies at 1.2220 (Aug 2017 low).
   
• UK data released on Monday disappointed, as Industrial and Manufacturing Production plunged in October, much worse than expected.
   
• Further, the monthly NIESR GDP estimate on economic growth printed 0.3% for the 3-month to November, below the previous 0.4%. 
   
• Pound licking its wounds on news that Theresa May would pulling her Brexit Withdrawal Proposal from the parliamentary vote that was slated for today in the UK's House of Commons.
   
• The UK PM Theresa May’s Office issued a statement earlier today, citing that May is likely to meet with the German Chancellor Angela Merkel to discuss the Brexit deal.
   
• On the data front, focus will be on UK's latest employment data, with average earnings seen matching previous month figures up by 3.0% including bonus, and the ILO unemployment rate foreseen unchanged at 4.1%. 

Support levels - 1.2220 (Aug 2017 low), 1.21 (Jan 2017 low)

Resistance levels - 1.2571 (5-DMA), 1.2710 (21-EMA)

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