Market Overview
Although the price may continue to trade in bearish on higher time frame 1d, h4. In addition, the price established the fresh resistance on 1d and h4 time frame. Meanwhile the h1 and m15 time frame is likely to continue the bullish momentum, until the price trades above the support at 1.31822 on h1. Meanwhile, m15 and h1 time frame hasn’t established any fresh demand zone. A decisive close below, 1.31822 on h1 and m15, would confirm the change of character on h1 and m15 time frame, and may confirm to follow higher time frame bearish structure.
Weekly Chart
Key Weekly Levels
Major Resistance
At 1D
1.34295 – 1.34794
At H4
1.34297 – 1.34794
At H1
1.33845 – 1.33929
At M15
1.33124 – 1.33203
Major Support
At 1D
1.25787 – 1.25628
At H4
As the price trades in bearish structure on h4 time frame. Meanwhile the price hasn’t established any fresh or pending support on h4 time frame. In addition, awaiting for the new structure.
At H1
1.31121 – 1.31096
At M15
As the price trades in bullish structure on m15 time frame. Meanwhile the price hasn’t established any fresh or pending resistance on m15. Therefore awaiting for the new structure.
Market Structure Outlook
Although the price is likely to continue the bearish structure on higher time frame 1d and h4 , as the price trades below the key resistance levels on h4 and 1d time frame. Therefore, the buyers may dominate the price structure at the h1 support zone 1.31121. However, a break below 1.31606 on 1d may indicate the fresh resistance on 1d at 1.33053 – 1.33468 on 1d time frame. In addition, if price closes below 1.31606 on h4, price may confirm the fresh resistance on h4 at 1.33390 – 1.33467.
Weekly Trading Scenario
Although the price may extend its bearish price structure on 1d, as the price trades below the key resistance level at 1.34794 on 1d . However, a break above 1.34794 on 1d. The price may confirm the change of character towards the bullish price structure, while establishing the fresh support at 1.32254 – 1.32194 on 1d. Moreover, a decisive close above 1.33794 on h4 , the price would indicate the shift of structure towards the bullish side, while forming the fresh support at 1.32254 – 1.32194 on h1. In addition, if price looses 1.31822 on h1, price may confirm the change of character towards the bearish side. As a result, price could confirm the fresh resistance at 1.32437 – 1.32515 on h1.
Bullish Scenario
A decisive close above 1.34794 on 1d time frame the price may confirm the character shift towards the bullish side. As a result, price would form the fresh demand at 1.32254 – 1.32194 on 1d.
Bearish Scenario
If price closes below 1.31601on 1d may indicate the continuation of bearish structure while establishing the fresh resistance on h1 at 1.33052 – 1.33461.
Key Takeways
Higher timeframe bias: Bearish
Major resistance: 1.34295 – 1.34794
Major support: 1.25787 – 1.25628
Although this GBPUSD weekly forecast focuses on key resistance & support zones that traders should focus during the whole week. Therefore always wait for the confirmation’s before entering the trade and manage the risk properly.
Disclaimer
Although this analysis is for educational and informational purposes only. Therefore it does not constitute financial advice. However always manage your risk and trade responsibly.