Technical analysis

GBPCHF Wave Analysis 10 October 2023

– GBPCHF reversed from support level 1.1070

– Likely to rise to resistance level 1.1150

GBPCHF currency pair recently reversed up from the pivotal support level 1.1070 (lower border of the narrow price range, which has been reversing the price from the start of March), intersecting with the lower daily Bollinger Band.

The upward reversal from the support 1.1070 stopped the previous short-term impulse wave 3 from the end of September.

Given the bullish divergence on the daily Stochastic, GBPCHF can be expected to rise further toward the next resistance level 1.1150.

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