Technical analysis

GBPCHF Wave Analysis 16 February, 2021

GBPCHF Wave Analysis 16 February, 2021

• GBPCHF under bullish pressure

• Likely to reach resistance level 1.2480

GBPCHF under bullish pressure as the result of the earlier breakout of the resistance level 1.2350 (which stopped the previous short-term impulse wave (iii) at the start of February).

The breakout of the resistance level 1.2350 accelerated the active impulse waves 3 and (iii) of the multi-month upward impulse sequence (C) from last September.

Given the clear daily uptrend – GBPCHF is likely to rise further toward the next resistance level 1.2480 (forecast price for the termination of the active minor impulse wave (iii)).

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