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March 07, 2022 @ 13:46 +03:00
• GBPCHF reversed from support area
• Likely to rise to resistance level 1.2280
GBPCHF currency pair recently reversed up from the support area located between the multi-month support level 1.2135 (previous monthly low from October) and the lower daily Bollinger Band.
The upward reversal from this support area stopped the previous impulse waves 5 and (3).
Given the oversold reading on the daily Stochastic indicator, strong swiss franc outflows- GBPCHF can be expected to rise further toward the next resistance level 1.2280 (former monthly low from January).