GBPCHF Wave Analysis – 20 July 2023

– GBPCHF reversed from support level 1.1065

– Likely to rise to resistance level 1.1250

GBPCHF currency pair previously reversed up from the major support level 1.1065, lower boundary of the sideways price range from November, strengthened by the lower daily Bollinger Band.

The upward reversal from the support level 1.1065 stopped the previous impulse waves iii and 3.

Given the strength of the support level 1.1065 and the oversold daily Stochastic, GBPCHF currency pair can be expected to rise further toward the next resistance level 1.1250.