February 04, 2021 at 03:33PM
• GBPCHF broke multi-month resistance level 1.2200
• Likely to reach resistance level 1.2480
GBPCHF recently broke the powerful multi-month resistance level 1.2200 (which has been repeatedly reversing this currency pair from last April – as can be seen from the daily GBPCHF chart below).
The breakout of the resistance level 1.2200 coincided with the breakout of the 50% Fibonacci correction level of the sharp downward impulse (5) from December of 2019 to March of 2020.
GBPCHF is expected to rise further toward the next resistance level 1.2480 (61.8% Fibonacci correction level of the aforementioned downward impulse (5) from 2019).
From: The FxPro Tech Analysis Team https://fxpro.news/market-snapshots/gbpchf-wave-analysis-4-february-2021-20210204/
Selected by fonecable.com
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