Market Overview
GBPUSD Forecast may continue under the buyers favors for the coming week on the 1d time frame. However the GBPUSD Forecast remains above the latest support zone at 1.34481 on 1d. Meanwhile, GBPUSD Forecast secure the fresh support at 1.34672 on 1d, as the GBPUSD Forecast continued its bullish momentum in the previous week. In addition, the h4 continues to respect the higher time frame bullish structure. Therefore the GBPUSD Forecast stay above the recent support at 1.34546 on h4. As a result GBPUSD Forecast confirmed the fresh support at 1.34608 on h4 time frame. On the other hand, the h1 structure trades under bearish pressure, while trading below the nearby resistance at 1.36435 on h1 time frame.
Weekly Chart
Key Weekly Levels
Major Resistance
At H4
1.36960 – 1.37125
At H1
1.36974 – 1.37004
At M15
1.36980 – 1.36991
Major Support
At 1D
1.34672 – 1.34481
At H4
1.34608 – 1.34546
At H1
1.34689 – 1.34638
At M15
1.36221 – 1.36195
Market Structure Outlook
However the price could stay under the buyer’s favor on 1d time frame, as the price remains above the support at 1.34481 on 1d time frame. Meanwhile, a decisive close above 1.36581 on 1d time frame, as the price could confirm the continuation of bullish bias and establish the fresh support at 1.35317 – 1.35130 on 1d time frame. In addition, a close above 1.36581 on h4 time frame. As a result price may extend the bullish structure and form the fresh support at 1.35190 – 1.35130 on h4 time frame. Moreover, a breakdown below 1.35474 on h1 time frame. Meanwhile the price could remain under bearish bias and setup the fresh resistance at 1.36302 – 1.36326 on h1 time frame.
Weekly Trading Scenario
Although the price could continue to support the bullish momentum on 1d time frame. Therefore the price hold the recent support at 1.34481 on 1d. However the acceptance below 1.34481 on 1d, as the price may validate the bearish structure on 1d and introduce the fresh resistance at 1.35670 – 1.35900 on 1d time frame. Moreover, a secured close below 1.34546 on h4. As a result price could reinforce the bearish momentum on h4 and generate the fresh resistance at 1.35546 – 1.35760 on h4. Meanwhile, a move above 1.36438 on h1, as the price may support bullish bias and produce the fresh support at 1.35751 – 1.35802 on h1 time frame.
Bullish Scenario
A decisive close above 1.36581 on 1d time frame.
Bearish Scenario
Acceptance below 1.34481 on 1d time frame
Key Takeways
Higher time frame bias: Bullish
Major resistance: – 1.36960 – 1.37125
Major support: – 1.34672 – 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