Technical outlook and chart setups:
The GBP/CHF pair has hit the 1.5000 levels as initial expected target and sharply reversed lower. Currently, it is forming a potential bearish engulfing candlestick pattern on the H4 chart. It is recommended to take full profits on the long positions and wait for a meaningful pullback to enter long positions again. Immediate support is seen at the 1.4850 levels followed by 1.4750, 1.4550 and lower, while resistance is seen at the 1.5000 levels followed by 1.5100 and higher respectively. The pair is expected to retrace at least through the 1.4800 levels.
Take full profits on long positions and remain flat.
The material has been provided by InstaForex Company – www.instaforex.com