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The GBP/CHF currency pair has become stable after a rather continuous rally. The current technical pattern signals a possible correction. A classic pattern of Price Action, Inside Bar, (H4 timeframe), has been formed in the trading instrument, which is currently the reversal formation. At the moment, the GBP/CHF quotes are testing a “mirror” support level of 1.22900. We recommend paying attention to this situation.
If the price fixes below 1.22900, GBP/CHF sales should be considered. The immediate goal for profit-taking is the round level of 1.22000. In the medium term, the trading instrument may reach 1.21100-1.20400. Confirmations and market entry points should be looked for on lower timeframes. When tracking positions, we recommend using a trailing stop.
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