The British Pound began to appreciate against the Swiss Franc after reaching the lower boundary of a long-term descending channel at 1.2400. this surge started early September and had since reached near July swing high of 1.3229.
Currently, the exchange rate is trading near the bottom border of a one-month ascending channel pattern at 1.2810 and could be set for a breakout.
Furthermore, given that the three SMAs is above the price level, and the 200-hour simple moving average is providing resistance for the currency pair at 1.2841, the GBP/CHF currency exchange rate is likely to aim at the monthly support level at 1.2692 during the following trading sessions.
