Technical outlook and chart setups:
1. The GBP/CHf pair reversed earlier from the 1.5250/70 levels as expected. Yesterdays' rally could be defined as a test and next probable move should be lower from here. It is recommended to remain short, risk remains at 1.5450.
2. Support is seen at 1.4970, followed by 1.4760 and lower while resistance remains fixed at the 1.5350 and 1.5450 levels respectively.
3. The structure indicates that GBP/CHF could continue drifting lower towards the 1.4850 level at least.
Trading recommendations:
Remain short, stop at 1.5450, the target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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