GBPCHF reversed from support level 1.2400

• GBPCHF reversed from support level 1.2400
• Further gains are likely

GBPCHF recently reversed up from the key support level 1.2400 (which also reversed the previous impulse wave 1 at the start of December, as can be seen below) – strengthened by the lower daily Bollinger Band.

The upward reversal from the support level 1.2400 created the daily Japanese candlesticks reversal pattern Hammer (the same price area created the daily Morning Star earlier this month).

GBPCHF is expected to rise further and re-test the next resistance level 1.2620 (top of the previous corrective wave 2).