OlympTrade_Analytics
Long

GBP/CHF - British pound is still under pressure!

FX:GBPCHF   British Pound / Swiss Franc
British national GDP was released at the level -0.4% (MoM) or +1.3% (YoY). Manufacturing has declined to 3.9%, that had the strongest impact on the fact. Production was released at -2.7%.

Trade balance in April was released at -12.11 B, which is slightly better than the forecast (-13.10B) but we still see the deficit.

On Tuesday economists are expecting the release of Unemployment rate for April.

As a result the British pound fell down against the Swiss currency by 300 points.

On Thursday Swiss National Bank is going to make a decision about the interest rate. Economists expect that SNB will leave the interest rate at the level -0,75%. That is why everybody will be listening to the SNB Press conference.

Technical analysis

MACD lines are approaching each other. Parabolic SAR reversed.

On daily time frame we see that GBP is trying the support level 1.26000. We see that there is a possibility for a reversal. If GBP/CHF breaks the 9-EMA up (the level 1.26200 approximately) it is possible that the pound will continue to rise. Next target is 1.27000.
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