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FxWirePro: GBP/CHF faces strong resistance at 1.3330, good to sell on rallies

Source FxWire Pro - Technicals Friday, 1 Dec, 2017 09:35:56 GMT
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  • GBP/CHF has shown a massive recovery from the low of 1.3000 made on Nov 28th 2017 on positive Brexit progress. The pair breaks major resistance at 1.31850 high made on Nov 21st 2017 and jumped till 1.3320 yesterday. The main jump in GBP was mainly due to positive progress happening between EU and British negotiators. It is currently trading around 1.32433.
     
  • The agreement on divorce bill has reached between EU and British has reached and amount UK will pay around 50bn euros for exit.
     
  • The pair was facing strong resistance at 1.3330 and any convincing break above will take the pair to next level till 1.34290 (50% retracement of 1.4618 and 1.1783)/1.3560 (161.8% retracement of 1.33296 and 1.2955). Short term bullish invalidation only below 1.300.
     
  • On the lower side, near term support is around 1.3245 (23.6% retracement of 1.3003 and 1.3321) and any break below will drag the pair to next level till 1.3200/1.3180 (34- 4H EMA)/1.3100. Overall bullish invalidation only below 1.29550.

It is good to sell on rallies around 1.3275-80 with SL around 1.3330 for the TP of 1.3180.  

 

 

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