FXStreet (Córdoba) – The pound is falling sharply against the Swiss Franc for the second day in a row, extending weekly losses and moving further away from May highs that reached last week at 1.4680.
GBP/CHF recently printed a fresh 1-week low at 1.4424 and it was hovering near the lows, almost 150 pips below yesterday’s closing price.
The pound also lost ground versus the US dollar and the euro on the back of a weaker than-expected GDP reading in the United Kingdom. The second estimate of Q1 growth was left unrevised at 0.3% against expectations of a slight upward revision.
GBP/CHF technical levels
To the upside, resistance might now lie at 1.4470 (intraday), 1.4525/30 and 1.4580 (May 28). On the flip side, support could be located at 1.4425/30 (daily low), 1.4400 and 1.4360.
(Market News Provided by FXstreet)