FxWirePro: GBP/CHF holds marginal gains, upbeat UK CPI buoys pound

GBP/CHF chart - Trading View 

Spot Analysis:

GBP/CHF was trading 0.32% higher on the day at 1.2764 at around 08:15 GMT

Previous Session's High/Low: 1.2790/ 1.2717

Previous Week's High/Low: 1.2820/ 1.2587

Fundamental Overview:

Stronger UK CPI underpinned the British pound and supported the pair higher

Latest UK consumer inflation figures showed that the headline CPI rose 1.5% YoY in April as against 1.4% expected and 0.7% previous.

The pound ignores Brexit woes and remains bid as BOE policymakers reject any immediate risk to the current policy outlook.

Technical Analysis:

- GBP/CHF has bounced off 200W MA and is set to resume upside

- Price action is consolidating above 55-EMA support and weakness only on break below

- GMMA has showed a bullish shift on the intraday charts, the pair is holding above 200H MA

- Pullbacks in the pair has failed to break below cloud support

Major Support and Resistance Levels:

Support: 1.2713 (21-EMA), 1.2684 (55-EMA), 1.2581 (Lower BB)

Resistance: 1.2791 (Upper BB), 1.2797 (55-month EMA), 1.3126 (Upper M BB)

Summary: GBP/CHF is extending sideways ahead of the next move higher. Price action is within daily cloud and breakout above will propel the pair higher.