FX.co ★ Technical analysis of GBP/CHF for May 08, 2014

 Technical outlook and chart setups:

1.The GBP/CHF pair continues to consolidate within the triangle as seen here. The pair is seen to be trading around 1.4850/60 levels and is expected to face resistance there. Recommendations are to remain short for now, risk remains at 1.4950/60. Only a break higher above the consolidation will bring back bulls in picture again. 

2. Support is at 1.4600/30 levels, followed by 1.4550, 1.4450, 1.4350 and lower while resistance is at 1.4950/60, followed by 1.5120 respectively.

3. The structure indicates that GBP/CHF could probably drift lower towards the 1.4700/1.4680 levels at least before a rally. 

Trading recommendations:

Remain short for now, stop at 1.4950/60, target is open.

Good luck!