Technical analysis

GBPCHF Wave Analysis 31 October 2023

– GBPCHF broke key resistance level 1.1000

– Likely to rise to resistance level 1.1080

GBPCHF recently broke the key resistance level 1.1000 (top of the previous minor correction from the middle of October).

The breakout of the resistance level 1.1000 accelerated the c-wave of the active short-term ABC correction iv.

Given the strong Swiss franc sales seen across the FX markets today, GBPCHF can be expected to rise further toward the next resistance level 1.1080 (former multi-month support from July to September).

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