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GBP/CHF chart on Trading View used for analysis
- GBP/CHF trades rangebound on the day, little resolve on Brexit keeps GBP depressed.
- Sterling traders grow nervous ahead of EU's Brexit Summit on Monday.
- News flows on Brexit will keep the Sterling constrained for Thursday.
- Short-term picture for GBP/CHF offers a neutral-to-bearish stance.
- The pair has broken below daily cloud and is trading below 20W SMA.
- Break below cloud has raised scope for further weakness, drag till 1.25 now likely.
Support levels - 1.2592 (Aug 15 low), 1.2501 (Sept 21 low)
Resistance levels - 1.2741 (5-DMA), 1.2788 (cloud bottom), 1.28
Call update: Our previous call (https://www.econotimes.com/FxWirePro-GBP-CHF-Trade-Idea-1460485) has hit TP2.
Recommendation: Book partial profits, hold for further weakness.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
