GBP/CHF chart - Trading View
GBP/CHF has faded early recovery attempts and was trading largely unchanged at 1.2652 at around 06:30 GMT, down from session highs at 1.2680.
The British pound depressed across the board after the UK Retail Sales disappointed in September. Traders reassess BOE’s rate hike bets, focus now on PMIs.
The UK retail sales printed at -0.2% m/m in September, missing 0.5% expected and -0.6% previous. The core retail sales, stripping the auto motor fuel sales, stood at -0.6% MoM vs 0.2% expected and -0.7% previous.
On an annualized basis, the UK retail sales decreased by 1.3% in September versus -0.4% expected and -0.2% prior while the core retail sales dropped by -2.6% in the reported month versus -1.7% expectations and -0.9% previous.
GBP/CHF trades pivotal at 200-DMA and daily cloud support. Breach below will drag the pair lower.
Upside remains capped at immediate resistance at 5-DMA (1.2676). Break below 1.2640 (nearly converged 200-DMA and cloud base) will see test of 38.2% Fib at 1.2542.
