Technical analysis

GBPCHF Wave Analysis – 06 August, 2021

• GBPCHF reversed from key support level 1.2570

• Likely to rise to resistance level 1.2700

GBPCHF recently reversed up from key support level 1.2570 (which has been steadily reversing this currency pair from the end of February), intersecting with the lower daily Bollinger band and 38.2% Fibonacci correction of the upward impulse from December.

The upward reversal from this support zone stopped the previous short-term correction (ii).

GBPCHF can be expected to rise further toward the next resistance level 1.2700 (top of the previous waves (a), 4 and (i)).

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