The selloff was triggered by a loss of the 1.3260 level, the pair's previous 2011 low. The cross currency pair has now resumed its long-term downtrend.
The 1.3000 psychological level is expected to be the next support area. The pound-Swiss franc could take a breather from its declines here and possibly even recover.
However, if GBP-CHF breaks through this critical level, further weakness will build up toward the 1.2900 and 1.2800 psychological levels.
The pound-Swiss franc's weekly relative strength index (RSI) is bearish and pointing lower, suggesting further declines.
Alternatively, on any corrective recovery from its present price levels, the pair's broken support at 1.3260 should reverse roles as resistance and turn it back lower in the direction of its long-term downtrend.
Other resistance is located at the 1.3500 and 1.3400 psychological levels and 1.3612, the pair's June 13 low. All in all, the pound-Swiss franc cross currency pair remains broadly biased to the downside in the long term.
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