GBPCHF recently reversed down from the resistance area lying between the key resistance level 1.2400 (former strong support from January and December), upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous downward impulse from May. The downward reversal from this resistance area started the active medium-term impulse wave (3). With the moderate bearish sentiment affecting the Sterling today – GBPCHF can be expected to decline further in the direction of the next support level 1.2100 (former resistance level from August which reversed the earlier wave A).