GBPCHF recently reversed up sharply from the support area lying between the multi-year support level 1.14350 (which previously stopped the sharp weekly downtrend in the middle of 2011, as can be seen from the weekly GBPCHF chart below) and the lower weekly Bollinger band. The upward reversal from this support area stopped the previous impulse wave (3). Given the strength of the aforementioned support area and the rising bullish Sterling sentiment seen across the markets today – GBPCHF is likely to extend the gains toward the next round resistance level 1.20000 (former powerful support from 2016).
