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GBP/CHF tumbles after “Super Thursday”

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 5, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The pound is the worst performer across the board on Thursday after the decision, minutes and Quarterly Inflation Report from the Bank of England. Also Mark Carney words pushed the currency further to the downside.

    GBP/CHF erased weekly gains in a few minutes. Price peaked before the BoE at 1.5350, the strongest level in 11 weeks but then, the dovish tone from the central bank pushed the pair sharply to the downside.

    It lost almost 200 pips in a few minutes. Price bottomed at 1.5150, the lowest since last Friday and then bounced modestly to the upside. Currently it trades at 1.5195/99, down 0.90% for the day, having the worst performance since October 13.

    GBP/CHF technical levels

    To the upside, immediate resistance might be located at 1.5205 (American session high), 1.5270 (20-hour MA) and 1.5315 (Nov 02 high). On the opposite direction support now could be seen at 1.5150 (daily low), 1.5115 (Nov 27, 28 and 29 highs) and 1.5035 (Fibonacci retracement 38.2% of 1.4530 – 1.5350).
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