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GBPCHF recently reversed down sharply from the resistance area lying between the strong resistance level 1.2200 (former monthly high from April), upper daily Bollinger Band and 50% Fibonacci correction of the pervious downward impulse from December. Given the moderate bearish sentiment affecting the Sterling today – GBPCHF is likely to fall further in the active impulse wave (3) toward the next support level 1.18000 (which previously reversed the price multiple times in May).
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