GBPCHF Wave Analysis 8 December 2023

– GBPCHF reversed from support level 1.1000

– Likely to rise to resistance level 1.1125

GBPCHF recently reversed up from the round support level 1.1000, lower boundary of the sideways price range inside which the pair has been trading from the start of November.

The support level 1.1000 was strengthened by the lower daily Bollinger Band and by the 38.2% Fibonacci correction of the upward impulse from October.

Given the strength of the support level 1.1000, GBPCHF currency pair can be expected to rise further to the next resistance level 1.1125 (upper boundary of the active sideways price range).