This pound pair looks able to bounce off its long-term range support again!

How high can it go this time?

On the each day chart below, you’ll be able to see that GBP/CHF is trading between support on the 1.1100 major psychological mark and resistance at 1.1500.

GBP/CHF Every day Forex Chart by TV

The pair seems to have formed a short-term double bottom reversal pattern after testing the range support, suggesting that a rally could follow from here.

In that case, GBP/CHF could set its sights back on the very prime quality or at the least until the world of interest at the center.

This happens to be right across the dynamic inflection points on the moving averages, too!

The 100 SMA is below the 200 SMA to suggest that the trail of least resistance is to the downside or that the upside barriers usually tend to hold than to interrupt. In that case, we would just see one other dip back to the range support soon.

Besides, Stochastic is closing in on the overbought region to reflect exhaustion amongst buyers, so heading south would confirm a return in bearish momentum.

Just be certain that you retain an eye fixed out for the U.K. retail sales report due later today, as this might provide more context on whether or not the buyer sector is reeling from stronger-than-expected price pressures.

Robust consumer spending data could reassure pound bulls that overall economic activity could stay supported, even with the potential for one other BOE hike on the horizon.

Do you’re thinking that GBP/CHF could make it to the range resistance if that happens?