GBPCHF currency pair recently reversed down once again from the key resistance level 1.21000 (former powerful support level which has been steadily reversing the pair from the start of March – now acting as the resistance after it was broken). The downward reversal from this
resistance level continues the active downward impulse waves 3 and (iii) – which belong to the higher-order downward impulse wave (C) from January. Given the strength of the nearby resistance 1.21000 and the persistent sterling bearishness seen across the FX markets, GBPCHF can be expected to fall further toward the next support
level 1.20000.