January 22, 2021 at 04:09PM

• GBPCHF reversed from long-term resistance level 1.2200

• Likely to fall to 1.2000

GBPCHF recently reversed down from the long-term resistance level 1.2200 (which has been reversing the price from the end of November) – standing near the lower daily Bollinger Band.

The downward reversal from this resistance level will most likely form the daily Morning Star candlesticks reversal pattern – if the price closes today near the current levels – which is a strong sell signal for this currency pair.

GBPCHF is expected to fall further in the active impulse waves 3 and (3) toward the next round support level 1.2000.

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From: The FxPro Tech Analysis Team https://fxpro.news/market-snapshots/gbpchf-wave-analysis-22-january-2021-20210122/
Selected by fonecable.com

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