For a very long time, since 1993 GBPCHF is in down trend and it has created completed the 3rd wave on 1 august 2011. Till then its in a flat correction for the 4th wave of the circle. And for the 4th wave its forming ABC pattern while A & B of the ABC flat correction is also completed and moving for the C leg of the 4th Wave. Today is 15th August, and historically August is the bottom of the 3rd wave, so we expect long position for this pair. For this idea our invalidation level also marked. All the best!