GBPCHF Wave Analysis 14 August 2023

– GBPCHF reversed from support level 1.1100

– Likely to rise to resistance level 1.1175

GBPCHF currency pair recently reversed up from the key support level 1.1100 (which is the lower boundary of the wide sideways price range from November).

The support level 1.1100, which has been repeatedly reversing the pair for the last few months ( having stopped the earlier waves 1 and b) was strengthened by the lower daily Bollinger Band.

Given the strength of the support level 1.1100, GBPCHF can be expected to rise further toward the next resistance level 1.1175, which has been reversing the price from July.