GBPCHF reversed from support area

• GBPCHF reversed from support area
• Further gains are likely

GBPCHF recently reversed up from the combined support area lying between the major support level 1.2500 (which stopped the previous impulse wave (1) with the daily Morning Star) and the lower weekly Bollinger Band.

If the price closes today near the active levels it will form the strong weekly Japanese candlesticks reversal pattern Hammer.

Given the strength of the nearby support level 1.2500 – GBPCHF is expected to rise further and re-test the next resistance level 1.2700.