GBP/CHF 4H Chart: Channel Up

GBP/CHF 4H Chart: Channel Up

The British Pound is trading against the Swiss Franc simultaneously in medium-term and short-term ascending channels.
This time the junior pattern does not represent a rebound directly from the senior channel’s bottom trend-line.
This fact allows assuming gradual formation of a rising wedge.
However, a very acute angle puts this theory under question even though the support line already contains three reaction lows.
In any case, it is clear that today the currency pair is going to try to break through the monthly R1 at 1.2607 and reach the upper channel line.
Depending on result of release of the UK CPI at 8:30 GMT, the rate might easily bypass above resistance level or drop below the weekly PP at 1.2535.