Market Overview
GBPUSD Forecast established the bearish bias on 1d time frame. Meanwhile GBPUSD Forecast decisively closes below the recent low at 1.34481 amid the last week on 1d time frame. However the structure confirms the fresh resistance at 1.35675 on 1d time frame. In addition, the h4 continues to respect the 1d time frame’s bearish structure, as the GBPUSD Forecast confirmed a close below the recent low at 1.34481. Meanwhile the structure secures the latest distribution zone at 1.35833 on h4 time frame. On the other hand, the h1 structure remains under bearish pressure, while operates below the prior high at 1.33933 on h1 time frame. Meanwhile, the sellers setup the fresh supply zone at 1.33827 on h1 time frame.
Weekly Chart
Key Weekly Levels
Major Resistance
At 1D
1.35675 – 1.35900
At H4
1.35833 – 135990
At H1
1.33827 – 1.33933
At M15
1.33826 – 1.33933
Major Support
At 1D
1.32250 – 1.32202
At H4
1.27650 – 1.27443
At H1
1.32434 – 1.32375
At M15
1.32589 – 1.32551
Market Structure Outlook
However the price may remains the sellers favorable on 1d time frame. Therefore the sellers remain dominating before the zone at 1.36581 on 1d time frame. Meanwhile the price hasn’t established any probable distribution zones on any time frame. Therefore no probable resistance zone for the weekly GBPUSD Forecast of this week.
Weekly Trading Scenario
Although the price could continue the bearish structure on h1 time frame, as the sellers defends the last high at 1.36581 on 1d time frame. Meanwhile, a decisive close above 1.36581 on 1d time frame. As a result price may form the bullish bias and setup the latest accumulation zone at 1.35900 – 1.35675 on 1d time frame. In addition, a close above 1.36581 on h4 time frame, as the buyers may initiate dominating the price and generate the fresh support at 135990 – 1.35833 on h4. Moreover, acceptance above 1.33935 on h1 time frame. However the price may validate the bullish structure and produce the latest accumulation zone at 1.33460 – 1.33287 on h1 time frame.
Bullish Scenario
A decisive close above 1.36581 on 1d time frame
Bearish Scenario
Continuation below 1.36581 on 1d time frame.
Key Takeways
Higher time frame bias: Bearish
Major resistance: – 1.35675 – 1.35900
Major support: – 1.32250 – 1.32202
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