Technical outlook and chart setups:
The GBP/CHF pair is trading in a consolidation range for several trading sessions as depicted here. The resistance line is passing through the level of 1.4600 followed by the level of 1.4700 respectively. Please note that the support zone is passing through 1.4350 now and a drop below 1.4500 is likely to take a pair lower through the support zone. It is recommended to trade in a range now until a clear breakout is seen on either side. One could remain short with risk just around 1.4700. Immediate support is seen at 1.4400 followed by 1.4300 and lower while resistance is seen at 1.4700 and higher respectively.
Remain/initiate shorts with stop at 1.4730.
The material has been provided by InstaForex Company – www.instaforex.com