GBP/CHF 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite upbeat fundamental data from the U.K., the Pound is loosing ground against the Swiss Franc and since October 1 the pair has been channelling down. At the moment of writing the pair has been fluctuating around 1.441, just 62 pips above pattern's support. According to market sentiment (64.62% bearish) and technical indicators on a daily chart, the pair is likely to extend its dip and move lower. Hence, daily support at 1.4399 may be considered as a next support level. Furthermore, in case pattern's support would be breached, bears would be able to push the pair lower to 1.4324– Fibonacci retracement. Short and medium term outlooks for GBP/CHF are bearish.
© Dukascopy Bank SA
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