FxWirePro: GBP/CHF Daily Outlook

Chart - Courtesy Trading View 

GBP/CHF was trading 2.48% higher on the day at 1.1326 at around 16:30 GMT.

The pair has spiked past 21-EMA and is on track to test daily cloud, break above will see further upside.

The British pound surged on rumors that the UK Government might be discussing changes in the mini-Budget that roiled markets last month.

News about the fiscal plan seems to have offset downbeat UK GDP data released on Wednesday.

Data released by the National Statistics Bureau on Wednesday showed UK economy contracted at a 0.3% pace in September, against expectations of a flat reading and following a 0.2% prior reading. 

Further, UK manufacturing production slumped at a 1.6% pace also against expectations of a 0% reading.

GBP/CHF is trading with a bullish technical bias. MACD supports upside in the pair. Chikou span is biased higher. 

The pair is trading just shy of daily cloud. Next major resistance lies at 110-EMA at 1.1468. Decisive break above cloud will fuel further gains.