27 Jan 2015
GBP/CHF erases gains
FXStreet (Mumbai) - The GBP/CHF pair erased gains to trade around 1.36 levels after the weaker-than-expected UK Q4 GDP data hit the wires.
The pair now trades at 1.3610 levels, after having declined from the high of 1.3837 levels hit earlier today on rumors of the Swiss National Bank (SNB) intervention in the FX markets. However, the pair eased-off as rumors of SNB’s intervention subsided, while the UK Q4 GDP came-in weaker-than-expected. The preliminary data showed UK Q4 GDP at 2.7% year-on-year, which is lower than the expected print of 2.8%.
GBP/CHF Technical Levels
The immediate support is seen at 1.3587, under which the pair could slump back to 1.35 levels. Meanwhile, resistance is seen at 1.3629 and 1.37 levels.
The pair now trades at 1.3610 levels, after having declined from the high of 1.3837 levels hit earlier today on rumors of the Swiss National Bank (SNB) intervention in the FX markets. However, the pair eased-off as rumors of SNB’s intervention subsided, while the UK Q4 GDP came-in weaker-than-expected. The preliminary data showed UK Q4 GDP at 2.7% year-on-year, which is lower than the expected print of 2.8%.
GBP/CHF Technical Levels
The immediate support is seen at 1.3587, under which the pair could slump back to 1.35 levels. Meanwhile, resistance is seen at 1.3629 and 1.37 levels.