FxWirePro: GBP/CHF extends bounce off 21-EMA support, pound buoyed after upbeat Retail Sales data

GBP/CHF chart - Trading View 

GBP/CHF was trading 0.47% higher on the day at 1.2955 at around 10:15 GMT, outlook bullish.

The British pound was buoyed across the board after upbeat Retail Sales data which showed a goodish recovery from a steep fall in January.

Data from the Office for National Statistics (ONS) showed UK retail sales increased by 2.1% in in February. Retail sales were still down by 3.7% on a year earlier, before the impact of the coronavirus pandemic.

Upbeat data supports upside, however, worries about Chinese sanctions on UK officials and a potential delay to the UK's vaccination campaign keep traders cautious.

GBP/CHF pullback has shown bounce off 21-EMA support. Scope for upside resumption rises as price action edges above 200H MA and 5-DMA.

The pair is now extending gains above 55-month EMA and momentum is with the bulls. Next major bull target lies at 1.34. 

1.2805 (55-month EMA) is crucial level to watch, failure to close above will negate any further upside.