Technical outlook and chart setups:
The GBP/CHF daily chart shows the bigger wave structure. It is clear that the pair has been moving towards higher highs and higher lows since the level of 1.3800. The line of support is also has been followed by prices reversing from near to it at the moment. A morning star bullish reversal candlestick pattern is expected to unfold here, which would confirm that the pair is headed north and a meaningful low has been reached around 1.4860. It is hence recommended to remain long and also look for an opportunity to reach fresh positions with risk remaining around the level of 1.4800. Immediate support is seen at 1.4800 followed by 1.4531 and lower, while resistance is seen at 1.5300 and higher.
Trading recommendations:
Remain long now with stop at 1.4800, a target is open (at least 1.5900).
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com