Technical outlook and chart setups:
The GBP/CHF pair has dropped to 1.4100 levels and pulled back forming an engulfing bullish candlestick pattern. It indicates that short-term rallies can be expected from here towards at least 1.4300/1.4450 levels before the pair could turn back lower again. It is recommended to stay flat for a while and look to sell rallies into 1.4450 levels. Immediate support is seen at 1.4100 (interim), while resistance is seen at 1.4300/1,4450, 1.4700 and higher respectively. Bulls could be poised to take control at least to 1.4400/50 levels from here.
Remain flat for now. Look to sell higher again.
The material has been provided by InstaForex Company – www.instaforex.com