Market Snapshots

GBPCHF Wave Analysis 23 February, 2021

GBPCHF Wave Analysis 23 February, 2021

• GBPCHF broke resistance level 1.2480

• Likely to reach resistance 1.2800

GBPCHF continues to rise strongly after the pair broke the resistance level 1.2480, intersecting with the 61.8% Fibonacci correction of the previous downward impulse from December.

The breakout of the resistance level 1.2480 accelerated the active impulse wave 3 – which then broke the daily up channel from December.

GBPCHF can be expected to rise further toward the next support resistance 1.2800 (former monthly high from February of 2020).

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