• GBPCHF reversed from resistance area
• Likely to fall to support level 1.2655
GBPCHF currency pair recently reversed down from the resistance area lying between the key resistance level 1.2795 (former strong support from March), upper daily Bollinger Band and the 38.2% Fibonacci correction level of the previous downward impulse from the start of April. The downward reversal from this resistance area stopped the previous short-term corrective wave 2.
Given the rising bearish sterling sentiment seen across the currency markets today – GBPCHF currency can be expected to fall further toward the next support level 1.2655 (which stopped the previous short-term impulse wave 1 at the end of May).