GBP/CHF broke support level 1.2490
- GBP/CHF broke support level 1.2490
- Next sell target - 1.2200
GBP/CHF recently broke the support level 1.2490 (which stopped the previous impulse waves 3, (C) and (c), as can be seen from the daily GBP/CHF chart below). This support level is also the lower border of the wide sideways price channel inside which the pair has been trading in the last 3 months. The breakout of the support level 1.2490 is likely to accelerate the active intermediate correction (2).
GBP/CHF is likely to fall further in the direction of the next sell target at the support level 1.2200. Sell stop-loss can be placed at half the daily ATR (Average True Range) above the aforementioned price level 1.2490.