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GBP/CHF struggles to extend gains above 1.51

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The bid tone on the Sterling has kept the GBP/CHF above 1.51 levels, but the pair is still struggling to take out offers in the range of 1.51-1.5120.

    CHF under pressure

    The CHF remained under pressure on Tuesday, thereby ensuring the GBP/CHF remained resilient. The USD/CHF pair ticked higher for the ninth consecutive session on Tuesday and that overshadowed the moderate drop in the GBP/USD pair.

    The cross is currently trading around 1.5110 levels. The CHF is once again under pressure today, although it remains to be seen if the Sterling manages to take out resistance at 1.5120 levels.

    GBP/CHF Technical Levels

    The immediate resistance is seen at 1.5120 (Sep 22 high), above which the pair could test 1.5180 (July 30 high). On the other side, the support is seen at 1.5047 (Tuesday’s low), under which the losses could be extended to 1.50 handle.
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