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15 Jan 2015
GBP/CHF tumbles more than 10%
FXStreet (Córdoba) - GBP/CHF collapsed after the SNB announced that it abandoned the 1.20 floor in the EUR/CHF. The pair plummeted from 1.5535 to as lows as 1.2240, a level last seen back in 2011 when the floor was introduced.
From the lows GBP/CHF bounced to the upside and trimmed losses, rising above 1.3500, still 2000 pips below the level it had less than an hour ago.
The short term moves in the price of the pair has no comparison. Even back in 1992, when the pound plummeted, GBP/CHF did not fall by such a percentage as it is doing today, that so far is down 12% (at certain point it was falling 22%).
From the lows GBP/CHF bounced to the upside and trimmed losses, rising above 1.3500, still 2000 pips below the level it had less than an hour ago.
The short term moves in the price of the pair has no comparison. Even back in 1992, when the pound plummeted, GBP/CHF did not fall by such a percentage as it is doing today, that so far is down 12% (at certain point it was falling 22%).