The British Pound has been appreciating against the Swiss Franc since the beginning of October when the GBP/CHF currency pair reversed north from the support level—the Fibonacci 23.60% retracement at 1.2210.
Given that the exchange rate is supported by the 55-period moving average (4H time-frame chart), it is likely that some upside potential could prevail. However, note that the rate would have to surpass the resistance level formed by the monthly R2 at 1.2829.
If the given resistance holds, it is likely that some downside potential could prevail in the market. In this case the exchange rate could re-test the given support level within the following trading sessions.
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