Technical outlook and chart setups:
The single currency pair has rallied, after breaking support at 1.44 level recently. These intraday rallies could be sold further. Immediate resistance is at 1.47/1.48 levels, followed by 1.5 and 1.51; while support is at 1.4075 and lower. Since the pair has bounced off the down trend line, there is still high probability that the trend continues and the pair could reach 1.35 or lower levels in the coming days/weeks. It is hence recommended to remain short from yesterday, and also look to add further short positions. Looking lower from here on.
Trading recommendations:
Remain short, add further short positions, stop is above 1.4700, and target is at 1.35.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via GbpChf: Resistance 1.47/1.48. Rallies could be sold . Thanks for your support on GbpChf: Resistance 1.47/1.48. Rallies could be sold
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