FxWirePro: GBP/CHF trades in narrow range, little resolve on Brexit keeps GBP depressed

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.