GBPCHF Wave Analysis 2 October 2023

– GBPCHF reversed from resistance level 1.1200

– Likely to fall to support level 1.1070

GBPCHF currency pair earlier reversed down from the key resistance level 1.1200 (which has been reversing the pair from July) intersecting with the upper weekly Bollinger Band and the 38.2% Fibonacci correction of the downward impulse (1) from June.

The downward reversal from the resistance level 1.1200 started the active short-term impulse wave 3.

Given the strength of the Swiss franc inflows, GBPCHF can be expected to fall further toward the next support level 1.1070 (which has been reversing the pair from April).