On a two-hour chart the British Pound appears to have been traveling in a clean ascending channel against the Swiss Franc since 09/10/2008. Should the pair have enough strength to reach the upward sloping resistance line one may want to consider going short GBPCHF. The pair may still have steam to reach the desired entry point (2.0367) given that the Stochastic Oscillator continues to show very bullish momentum. A stop-loss at 2.0512 would be appropriate as this would give as more than a 2:1 reward/risk return ratio given our target at 2.0045. On the other hand, a sell off could occur as each day brings us closer to a possible Bank of England rate cut.
