GBP/CHF Forecast 27/10: Bulls Eye 1.1100 Breakout (Video)

(MENAFN- Daily Forex) The GBP/CHF pair continues to be a bit of a grind, but the overall interest rate differential allows bulls to be patient in this environment.

GBP/CHF

The British pound continues to grind higher against the Swiss franc after initially gapping lower to kick off the trading session. Ultimately, this is a pair that I do like because the Swiss National Bank has recently released its quarterly report, assessing that it is more than willing to keep the zero-interest-rate barrier there.

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You get paid to hang on to this market. With that being the case, you do get paid to hang on to this market, and I like the idea of buying either pullbacks near the 1.10 level or buying a breakout above the 1.11 level. It's a bit of a binary trade.

I have no interest in shorting because I don't want to pay for the privilege of holding a currency pair. Quite frankly, if we break down here, then I'll just wait for a bounce and buy again.A slow grind

This has been a slow grind to the upside, and that makes sense because a lot of people are concerned that the market is likely to continue to pay attention to inflation numbers in the United Kingdom, as well as some of the economic numbers, which are showing signs of deterioration and inflation at the same time.

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But quite frankly, the biggest concern I think I would have is if there is a sudden risk-off type of event that has everybody running to the Swiss franc. At that point, then I start to look for, as I said previously, buying British pounds at lower levels.

I think the 1.11 level being broken to the upside could release a bit of FOMO, and markets could continue to go much higher. You get paid to hold on to this, and it's quite a wide margin at this point

With that being said, I remain bullish, but I recognize it's more of a slow grind than a straight shot higher.

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