FXStreet (Mumbai) – The GBP/CHF pair fell to 1.4550 levels after it ran into offers closer to its 200-DMA located at 1.4629 levels earlier today.
GBP/CHF: Rejected at 23.6% Fib levels
The pair failed to sustain above 1.4598, which is the 23.6% Fib retracement of the rise from 1.2686 (post SNB low) to 1.5191 (post SNB high). Moreover, the British Pound failed to strengthen against the safe haven franc despite of positive Greece related news flow over the weekend.
Ahead in the day, the pair could take cues from the Greece related news flow. Fresh signs of strength in the safe havens could further increase the bearish pressure on the pair. On the contrary, the pair could positive news flow could put a floor under the pair.
GBP/CHF Technical Levels
The immediate support is located at 1.4525 (hourly 200-MA), under which the pair could extend the drop to 1.4466. On the flip side, a break above 1.4598 (23.6% of 1.2686-1.5191) could see the pair target 1.4698 (weekly 200-MA).
(Market News Provided by FXstreet)