FX.co ★ GBP/CHF countertrend rally underway; 1.4700/1.4800 is resistance

Technical outlook and chart setups:

As seen in the 4H chart depicted here, the single currency pair seems to have begun the expected countertrend rally yesterday. Intermediary support is just under 1.4200 now, while resistance begins from 1.4500 and spreads through the 1.4700 region mark. This is also re-enforced by the sloping channel resistance line, as seen here. It is recommended to shift the trading strategy to buy on dips for a short term view now, as well as to hold on long positions taken yesterday. It looks like an intermediary bottom is in place at 1.4270/75 for now.

Trade recommendations:

Hold on to long positions taken yesterday. Buy on intraday dips. Stop is at 1.4150. Target at 1.4700.

Good Luck!