GBPCHF Technical Analysis 20 September, 2021

• GBPCHF reversed from resistance zone
• Likely to fall to support level 30000.00

GBPCHF currency pair recently reversed down from the strong resistance zone located between the major resistance level 1.2825 (which has been reversing the pair from the middle of Aril) and the upper daily Bollinger Band. The downward reversal from this resistance zone created the daily candlesticks reversal pattern Evening Star which stopped the previous intermediate impulse wave (3)) from the middle of September.

Given the strength of the aforementioned resistance zone and strongly bearish sterling sentiment seen across the FX markets today, GBPCHF currency pair can be expected to fall further toward the next support level 1.26000 (low of the previous minor correction 4).


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