Technical outlook and chart setups:
1. The GBP/CHF pair continues to trade between 1.4700 and 1.4800/50 for now. A morning star has been produced here, indicating that the next move might be higher. A counter line of resistance shown here should help initiate fresh positions. Immediate risk remains at 1.4850/60.
2. Immediate resistance is at 1.4950/60 (intermediary), followed by 1.5120/30, while supports are spread through 1.4550/60, followed by 1.4350/60, 1.4200 and lower respectively.
3. The structure indicates that a break out of 1.4950/60 or 1.4650/60 needs to take place to decide further direction with conviction. Conservative trading strategy would be to remain flat.
Trading recommendations:
Hold short positions if taken earlier, stop is at 1.4850/60, target is open.
Good luck!
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