The GBP/CHF exchange rate has been appreciating against an ascending channel since the beginning of July.

From a theoretical perspective, it is likely that some upside potential could prevail in the market, and the currency pair could continue to trade within the given pattern in the medium term. In this case the pair could target the Fibo 38.20% at 1.2101.

In the meantime, it is unlikely that bears could prevail in the market, and the exchange rate could decline below the monthly S2 at 1.1590.

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