Following a steady increase in price since late August, GBP/CHF has entered a six-week period of consolidation. As a result, the Pound has been fluctuating against the Swiss Franc in the 1.3325/1.2972 range. The pair tested the former barrier two times during the past two trading sessions. Technical indicators suggest that the same scenario might occur today, as well. However, given that this level is a 2017 high, it might provide strong resistance, especially when reinforced by the weekly R1. Conversely, it is also possible that the Pound falls down to the weekly PP and the 200-hour SMA circa 1.3160 prior to re-testing the aforementioned high. By and large, it is expected that the pair moves lower in the medium term, possibly down to the 1.2972 area.
