GBP/CHF Price Analysis — January 25

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The GBP/CHF traded on a sideways momentum in the mid-European session on Monday and was last spotted trading at 1.2128, as the pound came under renewed pressure.

One of the major factors weighing the pound down is the UK’s delay in distributing the second jab of the COVID-19 vaccine. The world’s leading nation in mass vaccination, Israel, has asserted that a high level of immunity against the deadly virus can only be achieved through booster jabs. That said, unless the UK government ramps up its jab distribution, the GBP will come under additional pressure.

A second reason for the weakness in the GBP is from the renewed Brexit friction springing up in recent days. Officials at the Department for International Trade have begun advising exporters to “set up shop” in Europe to avoid border closure-related issues.

Another factor frustrating demand for the pound comes as Scotland is clamoring for another independence referendum. Fresh support for a poll and leaving has risen with Brexit, putting Prime Minister Boris Johnson in a tough spot once again.

These factors, coupled with the growing worries over the British variant of the coronavirus, could put the GBP on the backfoot and drive demand for the Swiss franc in the coming days.

GBP/CHF Value Forecast — January 25

GBP/CHF Major Bias: Sideways

Supply Levels: 1.2154, 1.2205, and 1.2250

Demand Levels: 1.2095, 1.2050, and 1.2000

The GBP/CHF has been trading in a sideways pattern since the open of the market in the Asian session between 1.2146 and 1.2116. That said, a break above the 1.2154 resistance could confirm a bullish momentum, causing the price to climb higher. However, this bullish momentum—if it gets triggered in the coming hours—will be heavily resisted by the 1.2205 resistance and could trigger a sustained decline to the 1.2100 (and lower) for the pair.

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