Technical outlook and chart setups:
The GBP/CHF pair dropped below 1.4900 taking stops out. At the moment, the pair is testing an intermediary trend-line support as seen here. A break here would confirm that the pair is headed towards the levels of 1.5600 in the near term. On the flip side,we expect bullish reversal around the fibonacci supports which would bring bulls back in play. It is hence recommended to remain flat now and watch out for a reaction at current levels. Immediate support is seen at 1.5700 followed by 1.5600 and lower, while resistance is seen at 1.5100 followed by 1.5350 and higher.
Trading recommendations:
Remain flat for now.
Good luck!
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