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GBPCHF recently reversed up from the pivotal support level 1.18700 (former multi-day resistance level from July, which has been steadily reversing the pair from the start of August, as can be seen from the daily GBPCHF chart below). Given the strongly bullish sentiment affecting sterling today – GBPCHF is likely to rise further toward the next resistance level 1.20000 (which stopped the previous waves 2, (a) and (c) from the start of August).
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