• GBPCHF reversed from long-term resistance level 1.2200
• Likely to fall to 1.2000
GBPCHF recently reversed down from the long-term resistance level 1.2200 (which has been reversing the price from the end of November) – standing near the lower daily Bollinger Band.
The downward reversal from this resistance level will most likely form the daily Morning Star candlesticks reversal pattern – if the price closes today near the current levels – which is a strong sell signal for this currency pair.
GBPCHF is expected to fall further in the active impulse waves 3 and (3) toward the next round support level 1.2000.