British Pound / Swiss FrancGBP/CHF

GBP/CHF is a risk-on (GBP) vs risk-off (CHF) cross. The pair tends to fall sharply when global stresses appear — CHF strengthens, GBP softens — and to rise during equity-friendly periods or UK-specific strength. The Brexit-era moves of 2016 produced extreme volatility on this pair, and SNB policy shifts (e.g., the 2015 EUR/CHF floor removal) have historically caused fast moves on all CHF crosses. Drivers: BoE vs SNB policy, UK fiscal headlines, broader European risk sentiment. Spreads moderate; can spike on event risk.