Given the recent market moves and macro economic factors surrounding the GBP, we have outlined two potential scenarios for GBPCHF given the current levels that are in play. The 1.22 level has not been broken since September 2019, if we see a bullish weekly close above the level as well as a retest, we can expect price to move (Long Term) to around the 1.27 region with areas of resistance coming it at 1.24. If price is to respect the 1.22 once again as previously done, we can expect price to push further back down to our 1.19 / 1.18 region once again. The first entry that was taken at 1.18 has been closed partially at 1.22, with currently 40% of the initial position running. (Stop Loss running at +200pips)
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Target reached ! clean price action and relevant macreconomic analysis