Technical outlook and chart setups:

1. The GBP/CHF pair is setting up to reach towards 1.4900/50 from here on as seen in the chart attached here. It is recommended to hold on to short positions taken earlier and also plan to add further if prices reach 1.4900/50. Please note that the current rally can be considered as a counter trend rally; which would provide selling opportunities. Risk remains at 1.5120/30.

2. Immediate resistance is at 1.5120/30, while supports are spread through 1.4700 (intermediary), followed by 1.4550, 1.4350/60,1.4200 and 1.4000 respectively.

3. The entire chart setup reveals that an important top could be in place at 1.5120/30 and major reversal from 1.4900/50 level is possible in a head and shoulder format. Downside extensions are pointing towards 1.4200 and 1.400 levels.

Trading recommendations:

Hold on to short positions, stop at 1.5150, target open.

Good luck!