Categories: Technical analysis

GBPCHF Wave Analysis 16 February, 2021

• GBPCHF under bullish pressure

• Likely to reach resistance level 1.2480

GBPCHF under bullish pressure as the result of the earlier breakout of the resistance level 1.2350 (which stopped the previous short-term impulse wave (iii) at the start of February).

The breakout of the resistance level 1.2350 accelerated the active impulse waves 3 and (iii) of the multi-month upward impulse sequence (C) from last September.

Given the clear daily uptrend – GBPCHF is likely to rise further toward the next resistance level 1.2480 (forecast price for the termination of the active minor impulse wave (iii)).

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The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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