Monday, July 22, 2024
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Chart Art: GBP/CHF Bullish Trend Pullback Zone

by xyonent
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240524 Gbpchf 780x439.png

The pound pair broke through the resistance level around 1.1450 but is currently stuck around the 1.1650 level.

Is it time for a major revision?

Let’s take a look at this area of ​​interest that I’m looking at in the four-hour window.

GBP/CHF 4 hour exchange rate Chart by TradingView

Did you miss the bullish breakout and rally in GBP/CHF?

The currency pair may be gearing up for a correction towards the confluence of support zones spanning the 50% and 61.8% Fib retracement levels.

Notably, the 50% Fibonacci is aligned with the pivot point level (1.1480) and the key psychological mark at 1.1500, while the 61% Fibonacci is aligned with the ascending trend line and 100 SMA dynamic support that has held since March.

What will the upcoming UK retail sales report hold for the pair?

Remember that market price directional bias and volatility conditions are usually driven by fundamentals. If you haven’t already done your fundamental homework on the British Pound and Swiss Franc, check out our economic calendar to stay on top of the daily fundamental news.

Experts predict consumer spending will fall 0.5% in April after remaining flat in March, highlighting how Britons are spooked by recent price increases and putting pressure on the Bank of England to cut interest rates to curb inflation.

In that case, GBP/CHF may approach a potential support zone, which may hold, reflecting upward momentum, as the 100 SMA is above the 200 SMA. If so, the pair may again set its sights on a swing high near or above R1 (1.1620).

Don’t forget that SNB Governor Thomas Jordan is scheduled to testify today and his comments may also affect CHF price movements. Watch out.

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