Listen to the latest market mood for the GBPCHF pair.
Weak GBP, Strong CHF
The GBP is weak after UK’s PM Johnson is set to introduce a new Internal Markets bill in the UK. This bill is reported to undermine the terms agreed in the withdrawal agreement signed by the UK in Jan 2020. The deadline for an agreement is October 15 and the negotiations are now stepping up with both sides digging in.
The CHF is strong as risk-off sentiment flows through the markets supporting the JPY and USD alongside CHF.
The GBPCHF pair has broken a key daily trend line and a 50 point move lower from 1.1899 could be on the table. Expect sellers at the market.
- Positive progress in the UK trade deal with the EU.
- SNB intervention to weaken the CHF.
- Any positive sentiment which reverses the present risk-off mood.