Technical outlook and chart setups:
The GBP/CHF pair is seen to have dropped towards our minimum expectations around the 1.4978/80 levels, highlighted by the RED color here. Please also note that the pair still remains vulnerable and the potential remains for a drop into the 1.4800 levels before a bullish reversal. It is recommended to book full profits on short positions taken earlier and remain flat for a while. Immediate support is seen at the 1.4930 levels followed by 1.4750/60, 1.4550, and lower, while resistance is seen at the 1.5150 levels followed by 1.5350, 1.5400/10, and higher respectively.
Book profits on long positions and remain flat.
The material has been provided by InstaForex Company – www.instaforex.com