GBP/CHF 1H Chart: Triple Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/CHF is trying to break the horizontal trend-line, which has been able to keep the exchange rate lower since the last week of December. Overall outlook for the UK currency is positive, as the triple bottom is a reversal pattern, meaning we should observe a rally at some point of time in the future. In case a consolidation above 1.48 takes place, the bulls are highly likely to prolong purchases of the Pound to the weekly R1 at 1.4853 in the next few hours, followed by the second weekly supply at 1.4924. The long-term target is one of the 2015 highs at 1.5574, the level from which GBP/CHF slumped last January after the crucial SNB event. Meantime, 74% of all SWFX positions are set to buy GBP at the moment.

© Dukascopy Bank SA
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