Having traded sideways for 4 days near January’s 17 month high at 1.5126, the break of the recent lows turned Wednesday’s signals for GBP/CHF to bearish. These were confirmed with overall losses of just over ¾ Big Fig on the day. While this is negative, a sequence of higher weekly lows remains intact, so the pullback may be corrective.
However, the absence of a buy signal keeps Thursday’s signals negative and the call is to sell on the open and at 1.5030, with a stop loss at 1.5060. Targets are to 1.4997, yesterday’s low, 1.4980, last week’s base and then 1.4946, the 16th May low trade.
