The GBP/CHF currency pair has been guided by three months descending channel pattern. This channel was formed early April and have driven the rate lower toward the bottom border of a dominate ascending pattern.
Following a test of the southern boundary of the dominate ascending pattern on June 29, bulls are gradually introducing their dominance in the market. However, the 200-hour simple moving average is limiting the bulls from further gain.
Everything being equal, it is likely that the currency exchange rate strengthens during the following trading sessions. Nevertheless, the pair needs to surpass the aforementioned resistance level.
