Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: GBP/CHF slips lower from session highs, BoE leaves policy unchanged as expected

GBP/CHF chart - Trading View 

Technical Analysis: Bias Bullish

- GBP/CHF slips lower from session highs at 1.2958 after BoE stays pat

- The pair holds above 5-DMA, momentum studies are bullish

- Stiff resistance is seen at monthly cloud, break in will fuel further gains

- MACD shows bullish crossover on signal line on the monthly charts

- Minor pullbacks have held support at 21-EMA, major weakness only on break below

Support levels - 1.2887 (5-DMA), 1.2808 (20-DMA), 1.2769 (21-EMA)

Resistance levels - 1.2964 (Monthly cloud), 1.30 (psychological level), 1.3042 (Upper BB)

Summary: The Bank of England's (BoE) Monetary Policy Committee (MPC) left the benchmark interest rate unchanged at 0.10% at its March policy meeting and kept the Asset Purchase Facility steady at £895 billion. GBP edged modestly lower in the initial reaction. GBP/CHF trades with bullish bias. Watch out for break into monthly cloud for upside continuation. 
 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.