GBPCHF Wave Analysis 4 April 2024

– GBPCHF reversed from resistance zone

– Likely to fall to support level 1.1340

GBPCHF recently reversed down from the major resistance zone located between the resistance level 1.1450 (which has been reversing the pair from last June) and the upper daily Bollinger Band.

The downward reversal from this resistance zone continues the active downward impulse wave (3).

Given the strength of the resistance level 1,1450, strong Swiss franc inflows and the bearish divergence on the daily Stochastic indicator, GBPCHF can be expected to fall further to the next support level 1.1340 (low of the previous minor correction).