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, decisive break above to fuel further gains - EconoTimes)
GBP/CHF chart - Trading View
GBP/CHF is capped below 110W EMA for the 3rd straight session, outlook remains bullish.
Data released earlier today by IHS Markit confirmed that final UK services sector activity contracted less-than-expected in January.
The seasonally adjusted IHS Markit/CIPS UK Services Purchasing Managers’ Index (PMI) was revised higher to 39.5 in January versus 38.8 expected and a 38.8 – last month’s flash reading.
Upbeat UK data had little impact on the British pound. GBP/CHF was trading 0.05% higher on the day at 1.2264 at around 10:45 GMT.
The pair trades with a bullish technical bias, decisive break above 110W EMA will fuel further gains.
Price action is attempting break above weekly cloud and volatility is high as evidenced by widening Bollinger bands. MACD and ADX also support gains.
Decisive break above 110W EMA finds little resistance till 61.8% Fib at 1.2471. Further bullish momentum could target 200W MA at 1.2605.
