FxWirePro: GBP/CHF retraces dip below 55-EMA, optimism surrounding lifting of lockdown in UK buoys sterling

GBP/CHF chart - Trading View 

GBP/CHF was trading 0.35% higher on the day at 1.2690 at around 08:30 GMT, after closing largely unchanged in the previous session.

The pair has retraced dip below 55-EMA and has edged above 5-DMA at 1.2667, scope for further upside.

GBP buoyed on the optimism surrounding the “stage two” of lifting lockdown in UK. On the data front, investors shrug off downbeat data.

UK Gross Domestic Product (GDP) rose by 0.4% in February, missing the market consensus of 0.6%. 

Focus shifts towards speech from Bank of England (BoE) MPC Member, Professor Jonathan Haskel for further impetus. Traders watch for insights into the growth and inflation prospects.

Technical bias for the pair remains bullish. Retrace from multi-month highs has held support at 200W MA at 1.2612.

The pair is attempting minor recovery after previous week's sharp losses. Bounce off 55-EMA and retrace above 21-EMA will support further gains.