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28 Jul 2015
GBP/CHF re-takes 1.50 handle
FXStreet (Mumbai) - The GBP bulls cheered the 10th straight expansion witnessed by the UK economy by sending the GBP/CHF pair to a session high of 1.5038 levels.
Will it sustain above 1.50?
The GBP pairs have merely erased the pre-UK GDP data losses after the growth rate of 0.7% quarter-on-quarter matched the estimates. The bid tone on the GBP appears to have taken a breather after having recovered the pre-data losses.
Meanwhile, the stability in the major European equity markets and an uptick in the US index futures have kept the safe haven Swiss Franc under pressure. Consequently, the spot could sustain above 1.50 handle, although further gains depend on sentiment on Wall street and partly on the US services PMI and consumer confidence data.
GBP/CHF Technical Levels
The spot currently trades at 1.5020. The immediate resistance is seen at 1.5054 (July 22 high), above which the prices could spike to 1.5193 (Mar 11 high). On the flip side, support is seen at 1.50 handle and 1.4946 (daily low).
Will it sustain above 1.50?
The GBP pairs have merely erased the pre-UK GDP data losses after the growth rate of 0.7% quarter-on-quarter matched the estimates. The bid tone on the GBP appears to have taken a breather after having recovered the pre-data losses.
Meanwhile, the stability in the major European equity markets and an uptick in the US index futures have kept the safe haven Swiss Franc under pressure. Consequently, the spot could sustain above 1.50 handle, although further gains depend on sentiment on Wall street and partly on the US services PMI and consumer confidence data.
GBP/CHF Technical Levels
The spot currently trades at 1.5020. The immediate resistance is seen at 1.5054 (July 22 high), above which the prices could spike to 1.5193 (Mar 11 high). On the flip side, support is seen at 1.50 handle and 1.4946 (daily low).