GBP/CHF pivotal at 61.8% Fib, short break below
The Pound remains weak across the board, solid UK retail sales were unable to offset concerns about a no-deal Brexit.
Brexit talks have resumed this Thursday in Brussels with the main issue being on how to prevent a hard border in the Irish Island.
Technical indicators on weekly charts are heavily bearish. Price action has dipped below weekly cloud, broken below strong trendline support at 1.27.
Recovery attempts lack traction. Break below 61.8% Fib will see further weakness till 1.2227 (78.6% Fib).
Support levels - 1.2575 (61.8% Fib), 1.2442 (Aug 2016 low), 1.2227 (78.6% Fib)
Resistance levels - 1.27 (trendline support turned resistance), 1.2820 (50% Fib), 1.2840 (21-EMA)
Watch out for break below 61.8% Fib to go short, SL: 1.27, TP: 1.2440/ 1.23/ 1.2230
Brexit talks have resumed this Thursday in Brussels with the main issue being on how to prevent a hard border in the Irish Island.
Technical indicators on weekly charts are heavily bearish. Price action has dipped below weekly cloud, broken below strong trendline support at 1.27.
Recovery attempts lack traction. Break below 61.8% Fib will see further weakness till 1.2227 (78.6% Fib).
Support levels - 1.2575 (61.8% Fib), 1.2442 (Aug 2016 low), 1.2227 (78.6% Fib)
Resistance levels - 1.27 (trendline support turned resistance), 1.2820 (50% Fib), 1.2840 (21-EMA)
Watch out for break below 61.8% Fib to go short, SL: 1.27, TP: 1.2440/ 1.23/ 1.2230
Comment:
Breaks below 61.8% Fib. Finds support at 1.2455 (trendline). Break below to resume weakness.
