FxWirePro: GBP/CHF rangebound ahead of crucial UK economic data, outlook bullish

GBP/CHF chart - Trading View 

GBP/CHF was trading rangebound on the day at 1.2157 at around 05:55 GMT, outlook remains bullish.

The pair is extending consolidation after breakout above 'Symmetric Triangle' pattern.

Momentum studies are bullish. Cloud breakout adds to the bullish bias in the pair.

Price action is consolidating above 200-DMA. The pair has retraced a brief dip below during December month's trade.

GBP bulls remain buoyed amid expectations that the BOE will keep the interest rates unchanged at least until 2024 to avoid negative rates.

Also supporting the pound was some optimism around the coronavirus situation in the UK after reports that tougher restrictions were starting to have an effect.

Focus now on critical UK economic releases, including the monthly GDP and industrial output data for impetus.

Analysis of GMMA indicator shows major and minor trend have shifted bullish. Rising volatility and bullish momentum could carry the pair higher.

Bulls on track to test 50% Fib at 1.2212. Further bullishness could carry the pair to test 61.8% Fib at 1.2471.