GBPCHF Wave Analysis – 17 July, 2020

• GBPCHF reversed from resistance area

• Likely to fall to 1.1725

GBPCHF recently reversed down from the resistance area located between the resistance level 1.1900 (which has been reversing the price from the start of July), upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous downer impulse 1.

The downward reversal from this resistance area stopped the previous short-term correction 2.

GBPCHF is likely to fall further in the active impulse wave 3 toward the next support level 1.1725 (low of the earlier minor correction (b)).