FX.co ★ GbpChf Tanks. Recovery Underway Towards 1.5100

Technical Outlook and Chart Setups:
There is nothing much to discuss in the structure since last 2-3 sessions. Our expectations have been met with the single currency pair rolled down yesterday. Expect small intraday pullback but the follow up shall be on the bearish side. As depicted above, the immediate line of support is currently passing through the 1.5 region, and we are expecting this pullback to continue till at least 1.51, which is defined by the 0.5% Fibonacci retracement of the latest upswing. Stay short for now and build further on intraday rallies.
Trading Recommendations:
Stay short, stop above last swing high, targeting at least 1.5100.

Good Luck!