LeoPrime Daily Market Analysis

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GBPCHF under bearish pressure; Likely to fall to 1.14500

GBPCHF under bearish pressure after the earlier breakout of the key support level 1.16800 (which stopped the shard downtrend in August of 2019. as can be seen below). The breakout of the support level 1.16800 was preceded by the breakout of the support level 1.18400 (monthly low from September). Given the strength of the active daily impulse wave (C) and the strong pro-Swiss franc sentiment seen across the markets today – GBPCHF is likely to fall further toward the next support level 1.14500. Strong resistance now remains at 1.1680.

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