GBPCHF (1H) - short term bullish bias
Backed by a strong bullish momentum this Monday, the pound sterling is rising across the board. The support level of 1.2685 saw solid demand after a few hours of consolidation. The RSI divergence was the first sign of a potential bounce as the sell-off was waning. The upward impulse above the 20 and 30-hour moving averages has put sellers under pressure. We would expect a bullish MA cross as a final confirmation that the pound is making a comeback.
Key support: 1.2685
Key resistance: 1.2790
Backed by a strong bullish momentum this Monday, the pound sterling is rising across the board. The support level of 1.2685 saw solid demand after a few hours of consolidation. The RSI divergence was the first sign of a potential bounce as the sell-off was waning. The upward impulse above the 20 and 30-hour moving averages has put sellers under pressure. We would expect a bullish MA cross as a final confirmation that the pound is making a comeback.
Key support: 1.2685
Key resistance: 1.2790