• GBPCHF reversed from resistance zone
• Further losses are likely
GBPCHF recently reversed down from the resistance zone located between the pivotal resistance level 1.2730 (which also reversed the price in August, as can be seen below), upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous downward impulse 1 from July.
The downward reversal from this resistance zone started the active short-term impulse wave 3 – which belongs to the medium-term impulse wave (3) from July.
GBPCHF is expected to fall further and retest the next strong support level 1.2500 (low of the previous impulse wave 1).