GBP/CHF trades above 1.31850 level on Brexit progress,buy on dip:FxWirePro | November 29, 2017

GBP/CHF 0.46% has shown a massive recovery from the low of 1.3000 made yesterday on positive Brexit progress. The pair breaks major resistance at 1.31850 high made on Nov 21st 2017 and jumped till 1.32127 at the time of writing. The main jump in GBP was mainly due to positive progress happening between EU and British negotiators. It is currently trading around 1.31995.

The agreement on divorce bill has reached between EU and British has reached but not decided on the amount UK will pay for exit. The news was flowing in the media that UK is expected to pay around 50bn euros.

The pair was facing strong resistance at 1.3185 and any convincing break above will take the pair to next level till 1.32500/1.33040 (161.8% retracement of 1.3185 and 1.30013). Short term bullish invalidation only below 1.300.

On the lower side, near term support is around 1.3160 (23.6% retracement of 1.3003 and 1.32127) and any break below will drag the pair to next level till 1.3080/1.3000. Overall bullish invalidation only below 1.29550.

It is good to buy on dips around 1.31850 with SL around 1.3130 for the TP of 1.3300.