GBP/CHF Price Analysis — February 8

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The GBP/CHF traded on a sideways bias in the early European session on Monday, despite heavy demand for the Pound over the past few days.

The British Pound is currently finding strong support from the recent Bank of England statement. On Thursday, the BoE’s Monetary Policy Committee (MPC) announced that it would leave its interest rates unchanged at 0.10% in its January policy meeting and left its Asset Purchase Facility steady at £895 billion. This development boosted investor sentiment around the currency, causing it to soar against other large currencies.

However, the central bank decreased its forecast for growth in 2021 to 5% from its November forecast of 7.25% but boosted its expectations for 2022 to 7.25% from 6.25%.

Meanwhile, the country has shown astute efficiency in its COVID-19 vaccination campaign, as the nation expects to have its entire population vaccinated by the end of June and have its vulnerable groups vaccinated before the end of February.

Moving on, Friday’s GDP figures are expected to show that the UK economy expanded in the fourth quarter, albeit at a slower rate than the previous quarter when the economy was reopening. That said, economists are expecting a 0.5% (QoQ) growth this Friday. However, this was before widespread lockdown measures across the region, putting this forecast on shaky grounds.

GBP/CHF Value Forecast — February 8

GBP/CHF Major Bias: Sideways

Supply Levels: 1.2400, 1.2500, and 1.2582

Demand Levels: 1.2295, 1.2250, and 1.2205

The GBP/CHF pair began this week on a sideways momentum, following a recent bull run that stopped a few points away from our target resistance level at 1.2400. That said, we expect an additional retrace to the 1.2330-20 area before this pair facilitates another bounce to the 1.2400 resistance and higher over the coming hours and days.

On the flip side, a fall from its current price level (1.2350) could be strongly repelled by the ascending trendline around the 1.2250 support level.

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