LeoPrime Daily Market Analysis

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GBPCHF reversed from resistance area; Likely to fall to support level 1.15350.

GBPCHF currency pair recently reversed down from the resistance zone located between the key resistance level 1.17000 (which has been steadily reversing the pair from the start of July) and the upper daily Bollinger Band. The downward reversal from this resistance area stopped the earlier minor correction (ii). Given the strength of the aforementioned resistance area, strong downtrend and the predominantly bearish sterling sentiment, GBPCHF currency pair can then be expected to fall further toward the next support level 1.15350 (low of the earlier waves (iii) and i).

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