Market Overview
GBPUSD Forecast may continue under the bullish momentum on 1d time frame. Therefore the GBPUSD Forecast trades above the recent support zone at 1.34481 on 1d time frame. Meanwhile the structure confirmed the fresh support zone at 1.34664 on 1d time frame. However the h4 and h1 time frame initiated the bearish structure, as the GBPUSD Forecast breakdown below 1.35872 on h4 time frame and at 1.35919 on h1 time frame. As a result both the time frame established the fresh resistance at 1.36041 on h4 and at 1.36110 on h1 time frame.
Weekly Chart
Key Weekly Levels
Major Resistance
At H4
1.34664 – 1.36124
At H1
1.36110 – 1.36228
At M15
1.36396 – 1.36434
Major Support
At 1D
1.34665 – 1.34481
At H4
1.34666 – 1.34481
At H1
1.34687 – 1.34633
At M15
1.35098 – 1.34989
Market Structure Outlook
However the may carry on the bullish momentum on h1 time frame. Therefore the price holds latest support at 1.34481 on 1d time frame. Meanwhile a close above 1.36582 on 1d time frame, would confirm the continuation of bullish bias and may form the fresh support on 1d time frame. However there are no probable support zone formed by the price on the any time frame.
Weekly Trading Scenario
Although the price may continue to the hold the bullish momentum on h1 time frame. Therefore the price remains above the support at 1.34481 on 1d time frame. Meanwhile a break below 1.34481 on 1d time frame. As a result may reinforce the bearish bias and confirm the fresh resistance at 1.35672 – 1.35897 on 1d time frame. In addition, a decisive close above 1.36580 on h4 time frame, may establish bullish momentum and may setup the fresh support at 1.36126 – 1.36043 on h4. Moreover, acceptance above 1.36580 on h1 time frame, would secure the bullish momentum and may print the fresh resistance at 1.36227 – 1.36111 on h1 time frame.
Bullish Scenario
A close above 1.36582 on 1d time frame
Bearish Scenario
A break below 1.34481 on 1d time frame
Key Takeways
Higher time frame bias: Bullish
Major resistance: – 1.34664 – 1.36124
Major support: – 1.34665 – 1.34481
Although this GBPUSD weekly forecast focuses on key resistance & support zones that traders should focus during the whole week. Therefore always wait for the confirmations’ before entering the trade and manage the risk properly.
Disclaimer
However this analysis is for educational and informational purposes only. Therefore it does not constitute financial advice. However always manage your risk and trade responsibly.
In addition, check out my previous GBPUSD Weekly Forecast
For daily GBPUSD chart analysis refer my GBPUSD Daily Analysis section