• GBPCHF broke long-term support level 1.2480
• Likely to fall to support level 1.2300
GBPCHF currency pair continues to fall after the price broke the long-term support level 1.2480 (previous multi-month low from August). The pair today retested the aforementioned price level – and continued to fall inside the active short-term impulse wave 3 – which belongs to the higher order downward impulse wave (3) from the middle of June.
Given the strengthening daily downtrend and the strongly bearish sterling sentiment as seen across the global FX markets, GBPCHF currency pair can be expected to fall further toward the next support level 1.2300 (target price for the completion of the active short-term impulse wave (iii)).