GBPCHF recently reversed down from the resistance area lying between the long-term resistance level 1.21850 (which has been reversing the price from the start of April), and the upper daily Bollinger Band. The last downward reversal from the resistance level 1.21850 created the daily candlesticks reversal pattern Shooting Star – which ended the previous minor ABC correction 2 from December. Given strength of the resistance level 1.21850 and the bearish divergence that can be seen on the daily Stochastic indicator – GBPCHF can be expected to fall further toward the next support level 1.20450 (low of the previous weekly correction).