GBPCHF Wave Analysis 4 August 2023

– GBPCHF reversed from powerful support level 1.2600

– Likely to rise to resistance at 1.1230

GBPCHF recently reversed up from the powerful support level 1.2600, which is the lower boundary of the wide sideways price range from last November.

The support level 1.2600 was strengthened by the lower daily Bollinger Band.

Given the strength of the support level 1.2600 and the bullish divergence on the daily Stochastics, GBPCHF can be expected to rise further toward the next resistance at 1.1230 (top of the previous correction ii).