FxWirePro: GBP/CHF holds marginal gains, NATO meeting updates awaited

Chart - Courtesy Trading View 

Spot Analysis:

GBP/CHF was trading 0.19% higher on the day at 1.2387 at around 10:15 GMT.

Previous Week's High/ Low: 1.2575/ 1.2468

Previous Session's High/ Low: 1.2440/ 1.2302

Fundamental Overview:

Cautious optimism over a ceasefire deal between Moscow and Kyiv keeps the pair supported.

Russian Foreign Minister Lavrov is set to hold talks with officials from the self-proclaimed Donetsk and Luhansk republics of eastern Ukraine later on Friday.

US President Joe Biden’s is likely to gather global leaders, virtually, to discuss the security situation in and around Ukraine, according to White House reports.

Hopes that US could broker ceasefire deal through NATO is keeping downside in the pair cushioned.

Technical Analysis:

- GBP/CHF had bounced off major trendline support

- Price action has reentered daily cloud and cloud base offers strong support

- Major trend in the pair is bearish, Momentum is strongly bearish

- GMMA indicator shows major and minor trend are bearish

Major Support and Resistance Levels:

Support - 1.2320 (Trendline), Resistance - 1.2425 (5-DMA)

Summary: GBP/CHF was trading with a major bearish bias. Recovery attempts lack traction.