Source: PaxForex Premium Analytics Portal, Technical Insight

On the Pound Sterling front, investors are awaiting the release of the United Kingdom Retail Sales data (April). As per the preliminary report, monthly Retail Sales are seen expanding by 0.3% against a contraction of 0.9% reported last month.

GBP/CHF,D1

Pivot: 1.1159

Analysis:

While the price is above 1.1100, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 1.1159
• Take Profit 1: 1.1240
• Take Profit 2: 1.1320

Alternative scenario:

If the level of 1.1100 is broken-down, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 1.1100
• Take profit 1: 1.1050
• Take profit 2: 1.1000

Comment:

RSI shows a bearish sentiment.

Key levels: