Throughout March and early April, GBPCHF went on a roll. Prices soared through multiple resistance levels to reach a multi-year high of 1.385.
But since mid-April, traders have been unwinding this short-CHF, long-GBP position. A rebound from 1.350 failed to re-launch the uptrend and prices are falling beneath this floor again today.
What’s next? With the market sentiment towards GBP not very bullish, it appears the near-term directional risk for GBPCHF is down. The next support is at 1.33-1.34.
GBPCAD‘s downtrend is continuing as traders refrain from buying the currency. The rate is encountering resistance at 1.74.
Jackson has over 10 years experience as a financial analyst. Previously a director of Stockcube Research as head of Investors Intelligence providing market timing advice and research to some of the world largest institutions and hedge funds.
Expertise: Global macroeconomic investment strategy, statistical backtesting, asset allocation, and cross-asset research.
Jackson has a PhD in Finance from Durham University.