FX.co ★ GbpChf Stalling At 1.52 Levels

Technical Outlook and Chart Setups:

The single currency seems to be stalling at intermediary resistance (1.5200) offered by the back side of short-term trend line. One possibility is to drift sideways (flat or rising channel) for a while before pushing higher. Please note that the sloping line of resistance from 1.54 level is also been met around 1.5200 region. We would suggest traders to be cautious while entering fresh long positions at these levels. Holding on to earlier long positions with reduced risk is still suggested. If a pullback is materialized at 1.51 region, fresh longs can be taken.1.5300 region is the next resistance while support is just below 1.4900.

Trading Recommendations:

Stay long and/or book partial profits. Move stop loss to 1.50, fresh buying could be made around 1.51.

Good Luck!