GBPCHF Wave Analysis 24 December, 2020

• GBPCHF broke resistance level 1.2040

• Likely to rise to 1.2200

GBPCHF recently broke above the key resistance level 1.2040 (top of the previous wave (a)) – standing close to the 61.8% Fibonacci correction level of the downward impulse from November.

The breakout of the resistance level 1.2040 accelerated the active minor ABC correction (ii) and it sub-impulse wave (c).

Given the powerful sterling bullishness seen across the FX markets today on hopes for an imminent Brexit deal – GBPCHF is expected to rise further toward the next resistance level 1.2200 (monthly high from November and August).