FxWirePro: GBP/CHF flat-lined around 110-EMA, upbeat UK data dump has little impact

Chart - Courtesy Trading View 

GBP/CHF was trading 0.08% lower on the day at 1.1448 at around 07:40 GMT.

UK data flashed upbeat statistics during early Monday, but GBP/CHF remains unimpressed.

UK’s Gross Domestic Product (GDP) for October rose to 0.5% MoM versus -0.1% expected and -0.6% prior while the Manufacturing Production was up by 0.7% beating -0.1% market consensus and 0.0% prior reading. 

Further, the Industrial Production also surprised on the upside at 0.0% MoM compared to -0.3% expected versus 0.2% prior.

The pair ignores upbeat data as a looming recession over the British economy keeps GBP bulls depressed.

Focus now will be on Tuesday’s UK employment data ahead of the Bank of England (BOE) monetary policy meeting.

Support levels - 1.1412 (110-EMA), 1.1338 (55-EMA)

Resistance levels - 1.1451 (5-DMA), 1.1561 (Upper BB)

Summary: Technical bias for the pair is neutral. Triple top formation dents upside in the pair. Price action is now pivotal at 110-EMA support, break below will drag the pair lower.