GBP/CHF 1H Chart: Channel Down
GBP/CHF 1H Chart: Channel Down
- The British Pound is losing value against the Swiss Franc in a vertical descending channel that has formed in the result of a rebound of the currency exchange rate from the upper trend-line of a preceding ascending channel.
- At the moment, formation of the channel is completed, as it consists of four confirmation points.
- Hence, if the pair manages to reach the monthly S1 at 1.2440 and the weekly S3 at 1.2429, after bouncing off from a combination of the pattern’s resistance line and the 55-hour SMA, an impulse given from this support level might be strong enough to force the rate to eventually leave the formation in the northern direction.
- However, even if this scenario materializes, the Sterling is still expected to continue to depreciate at least until the announcement of information on the UK CPI, Average Earnings and Retail Sales.
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