GBPCHF recently reversed up with the daily Hammer from the powerful support level 1.17500 (which has been steadily reversing the pair from the middle of October) – strengthened by the lower daily Bollinger Band. The upward reversal from the support level 1.17500 started the active short-term correction (ii). Given the strongly bullish sterling sentiment seen across the FX markets today – GBPCHF is expected to extend the gains toward the next resistance level 1.20250 (top of the minor correction from the start of December) – followed by the key resistance level 1.2200.