Market Overview
Although the GBPUSD Forecast validated the bullish structure last week on 1d and h4 time frame. As a result GBPUSD Forecast closes above the last key resistance at 1.34796 on 1d time frame. Meanwhile h4 and h1 time frame are following the broader time frame bullish structure, while staying above the last support at 1.33822 on h4 and 1.35038 on h1 time frame. Therefore h4 time frame confirmed the fresh support zone at 1.33938. In addition, the m15 time frame trades in the favors of sellers. As a result GBPUSD Forecast closes below the last support at 1.35196 on m15 time frame. Moreover the confirmed the fresh resistance zone at 1.35386 on m15 time frame.
Weekly Chart
Key Weekly Levels
Major Resistance
At H4
1.36939 – 1.36995
At H1
1.37789 – 1.37875
At M15
1.35386 – 1.35399
Major Support
At 1D
1.32248 – 1.32204
At H4
1.33938 – 1.33817
At H1
1.34584 – 1.34514
Market Structure Outlook
However the GBPUSD Forecast may maintain to trade under the bullish structure on the 1d time frame. Therefore, a decisive close above 1.35994 on 1d time frame. As a result GBPUSD Forecast may indicate the continuation of bullish structure and could shape the fresh support zone on 1d time frame. On the other hand, a move above 1.35994 on h4 time frame, could favor the bullish extension and may generate the fresh support zone on h4 time frame. Meanwhile there is no probable support zone identified at this stage, as the GBPUSD Forecast hasn’t confirmed yet.
Weekly Trading Scenario
Although the price may continue to favor the buyers on 1d, as long as the price trades above the last support zone at 1.31601 on 1d. Therefore a break below 1.31601 on 1d. As a result price could shift momentum to the bearish side and may introduce the fresh resistance at 1.32204 – 1.32248 on 1d. On the other hand, a finish below 1.33822 on h4. As a result price may tilt the bias to the sellers side and may generate the fresh resistance at 1.34735 – 1.34846 on h4. In addition, a close below 1.35038 on h1. As a result price could shift to the downside structure and may set up the fresh resistance at 1.35156 – 1.35166 on h1.
Bullish Scenario
A decisive close above 1.35994 on 1d time frame.
Bearish Scenario
A break below 1.31601 on 1d
Key Takeways
Higher timeframe bias: Bullish
Major resistance: 1.36939 – 1.36995
Major support: 1.32248 – 1.32204
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