Technical analysis

GBPCHF Wave Analysis 22 January, 2021

GBPCHF Wave Analysis 22 January, 2021

• GBPCHF reversed from long-term resistance level 1.2200

• Likely to fall to 1.2000

GBPCHF recently reversed down from the long-term resistance level 1.2200 (which has been reversing the price from the end of November) – standing near the lower daily Bollinger Band.

The downward reversal from this resistance level will most likely form the daily Morning Star candlesticks reversal pattern – if the price closes today near the current levels – which is a strong sell signal for this currency pair.

GBPCHF is expected to fall further in the active impulse waves 3 and (3) toward the next round support level 1.2000.

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