Source: PaxForex Premium Analytics Portal, Technical Insight

The near-term trajectory of the pound is shifted to the downside, although it is correcting quite decently. The Bank of England plus fiscal support could help strengthen the pound.

GBP/CHF,D1

Pivot: 1.1646

Analysis:

While the price is below 1.2000, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 1.1646
• Take Profit 1: 1.1585
• Take Profit 2: 1.1500

Alternative scenario:

If the level of 1.2000 is broken-out, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 1.2000
• Take profit 1: 1.2200
• Take profit 2: 1.2300

Comment:

RSI shows a bearish sentiment.

Key levels: