GBPCHF Technical Analysis Report 13 May, 2021

• GBPCHF reversed from resistance level 1.2800
• Likely to fall to support level 1.2600

GBPCHF currency pair recently reversed down from the resistance level 1.2800 (former support from the middle of March) – strengthened by the upper daily Bollinger Band and by the 38.2% Fibonacci correction of the previous downward impulse from the strata of April. The downward reversal from the resistance level 1.2800 stopped the previous intermediate ABC correction (2).

Given the rising Swiss franc bullishness on the mid-Eastern tensions – GBPCHF currency pair can be expected to fall further toward the next support level 1.2600 (which stopped the previous waves 4, (1) and B, as can be seen from the daily GBPCHF chart below).

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