Market Overview
Although the GBPUSD Forecast failed to sustain above the h4 and 1d time frame resistance at 1.34794 in last week. As a result, the GBPUSD Forecast closed with bearish bias on h4 and 1d time frame. In addition, if GBPUSD Forecast trades below the last resistance at 1.34794 on h4 and 1d time frame, may result the continuation of bearish structure on h4 and 1d time frame. Resulting the sellers would remain intact below 1.34794 on h4 and 1d. Meanwhile, the h1 and m15 time frame may to trade in bullish structure, suggesting the buyers would remain effective above 1.34110 on h1 and 1.34483 on m15.
Weekly Chart
Key Weekly Levels
Major Resistance
At 1D
1.35588 – 1.35752
At H4
1.35735 – 1.35751
At H1
1.34960 – 1.35079
At M15
1.34889 – 1.34907
Major Support
At 1D
1.25789 – 1.25603
At H4
1.27654 – 1.27451
At H1
1.30045 – 1.29858
At M15
1.34372 – 1.34359
Market Structure Outlook
Although the price may continue to trade in downside structure on 1d and h4 time frame. If the price fails to sustain above 1.34794 on 1d and h4 time frame. In addition, a close below 1.31601 on 1d and h4 time frame, may validate the continuation of bearish structure and the price may establish the fresh resistance zone at 1.33934 – 1.34848 on both the time frame 1d and h4. Meanwhile the buyers may remain intact on h1 and m15 time frame, as the price holds the last support at 1.34110 on h1 and 1.34483. However, if price sustain above 1.34795 on h1 and m15 time frame, may establish the fresh support at 1.34564 – 1.34483 on h1 and 1.34492 – 1.34483.
Weekly Trading Scenario
Although the price is expected to stay in bearish structure on 1d and h4, if price stay below the last key resistance zone at 1.34794. Therefore, if price settle above 1.34796 on 1d, may develop the bullish structure. As a result price may shape the fresh support at 1.32251 – 1.32193 on 1d. In addition, if price post a close above 1.34846 on h4. As a result, price may reinforce the bullish structure, while confirming the fresh support at 1.33938 – 1.33822 on h4. On the other hand, if price end below 1.34111 on h1, would support the bearish outlook and would create the fresh resistance at 1.34516 – 1.34586 on h1.
Bullish Scenario
If price settle above 1.34796 on 1d
Bearish Scenario
A decisive close below 1.31601 on 1d
Key Takeways
Higher timeframe bias: Bearish
Major resistance: 1.35588 – 1.35752
Major support: 1.30045 – 1.29858
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.
In addition, check out my previous GBPUSD Weekly Forecast
For daily GBPUSD chart analysis refer my GBPUSD Daily Analysis section