GBP/CHF recently reversed down sharply from the resistance zone lying at the intersection of the resistance level 1.3200 and the 23.6% Fibonacci retracement level of the earlier sharp downward impulse from the end of June. The downward reversal from this resistance zone completed the previous minor correction 4 of the active intermediate impulse wave (C) from the end of May.
GBP/CHF today broke below the key support level 1.2860 (which stopped the previous minor impulse wave 3). The breakout of this support level follows the earlier breakout of the wide daily down channel from December. GBP/CHF is likely to fall further to the next sell target at the support level 1.2600.