GBP/CHF 4H Chart: Channel Up

Jul 18, 2017

GBP/CHF 4H Chart: Channel Up

• The British Pound is trading against the Swiss Franc simultaneously in medium-term and short-term ascending channels.
  
  
• This time the junior pattern does not represent a rebound directly from the senior channel’s bottom trend-line.
  
• This fact allows assuming gradual formation of a rising wedge.
  
• However, a very acute angle puts this theory under question even though the support line already contains three reaction lows.
  
  
• In any case, it is clear that today the currency pair is going to try to break through the monthly R1 at 1.2607 and reach the upper channel line.
  
• Depending on result of release of the UK CPI at 8:30 GMT, the rate might easily bypass above resistance level or drop below the weekly PP at 1.2535.