Dukascopy
Long

GBP/CHF 1H Chart: Sterling breaches trend-line

FX:GBPCHF   British Pound / Swiss Franc
Following five weeks of decline against the Swiss Franc             , the British Sterling has managed to recover some of its losses during the past few sessions. This short-term period of appreciation started when the pair reversed from a senior channel circa 1.29 on March 2. Thus, the pair has been advancing towards the upper boundary of a medium channel located near 1.3250.

It is likely that the Pound continues edging higher towards this line during the following two weeks. However, some minor correction south is expected early next week. As a result of this move, the rate could fall down to the combined support of the 200-hour SMA , the monthly PP             and the 38.20% Fibonacci retracement at 1.30. The recently-breached trend-line is likewise located at this mark.
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