The GBP/CHF currency pair has been trading down since the beginning of May when the pair reversed south from the upper boundary of the long-term descending channel at 1.3350.
Currently, the exchange rate is trying to surpass the support level—the Fibonacci 23.60% retracement at 1.2686. Given that the rate is pressured by the 55-, 100– and 200-hour SMAs, it is likely, that some downside potential could prevail in the market, and the pair could target the lower channel line located circa 1.2150.
However, if the given support level holds, it is likely, that the rate could reverse north and reach the Fibonacci 50.00% retracement at 1.3091.
