GBP/CHF offered below hourly 50-MA

By FXStreet FXStreet (Mumbai) – The GBP/CHF ran into fresh offers below its hourly 50-MA at 1.5080 and dropped to a session low of 1.5035 as the oversold CHF made a comeback.

Technical failure at 1.51-1.5120

The cross failed to take out offers in the zone of 1.51-1.5120 in early Europe, which triggered a technical correction in the pair. Moreover, profit taking on CHF shorts took the USD/CHF pair lower for the first time in ten days, while the GBP/USD remained consolidated around 1.53 handle.

Consequently, the GBP/CHF declined and is moving fast towards the hourly 100-MA support located at 1.5030.

GBP/CHF Technical Levels

The immediate support is seen at 1.5030 (hourly 100-MA), followed by a support at 1.50. A break below the same would open doors for a drop to 1.4926 (Oct 7 high). On the higher side, resistance is seen at 1.5082 (hourly 50-MA) and 1.5120.
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Source:: FX Street