FX.co ★ GBP/CHF Hits 1.51 Level. Book Profits - Technical Analysis and Trading Recommendations

Technical Outlook and Chart Setups:

As depicted above, the single currency pair hit 1.5100 at yesterday’s sessions. Moreover this is the past resistance that turned support level as well. The short positions, recommended from sub 1.54 levels earlier, have been met with their respective targets at least for now. Respecting the 2 convergence levels, Fibonacci and past resistance turned support, we recommend to book profits for now. Until now, we can assume that a 3 wave correction is materializing. The 3rd wave extends till 1.5 and below, but this should happen after a short pullback.

Trading Recommendations:

Book Profits. Flat for now.

Good Luck!