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1 Sep 2015
GBP/CHF retreats form 1.4900, holds a bearish tone
FXStreet (Córdoba) - GBP/CHF continues to move sideways in a range with support at 1.4650 and resistance below 1.4900. Today the pair weakened particularity after the release of economic data from the United Kingdom, where the Manufacturing PMI dropped to 51.5.
The pair bottomed on European hours at 1.4680, hitting the lowest level since Wednesday and currently is hovering around 1.4750, 60 pips below the level it closed yesterday.
The pound remained weak during the last few days but GBP/CHF held mostly steady consolidating August losses as the Swiss franc also weakened.
GBP/CHF levels to watch
The pair holds bearish tone and a consolidation below 1.4650 could open the doors for further losses. On the opposite direction, above 1.4950, it could attempt to rise further, while above the daily 20-SMA, currently at 1.5020, the pound could gain momentum.
The pair bottomed on European hours at 1.4680, hitting the lowest level since Wednesday and currently is hovering around 1.4750, 60 pips below the level it closed yesterday.
The pound remained weak during the last few days but GBP/CHF held mostly steady consolidating August losses as the Swiss franc also weakened.
GBP/CHF levels to watch
The pair holds bearish tone and a consolidation below 1.4650 could open the doors for further losses. On the opposite direction, above 1.4950, it could attempt to rise further, while above the daily 20-SMA, currently at 1.5020, the pound could gain momentum.