FX.co ★ GbpChf Showing Signs Of Bullish Bounce. It Is Recommended To Cover Short Positions Now

Technical Outlook and Chart Setups:

The structure remains unchanged from what we discussed yesterday. The prices have moved towards lower side and bounced back sharply from 1.4720/25 levels. Looking at the overall wave structure, the prices seem to be heading south, but a bounce remains a possibility before that. It is recommended to book profits on short positions taken earlier and wait for another opportunity. Intermediary support is at 1.4670, while resistance is at 1.4950/60. It is not a good idea to turn aggressively bullish till resistance at 1.5050/60 remains intact. Remain flat for now.

Trading Recommendations:

Take profits on short positions taken earlier now. Remain flat.

Good Luck!