Market Overview
Although the GBPUSD Forecast is expected to remain in bullish structure on 1d time frame. Therefore the GBPUSD Forecast sustain above the last support zone at 1.31611 during the last week on 1d time frame. Meanwhile the h4 and m15 structure remains in the favor of the buyers, while trading respecting recent support zone at 1.34481 h4 time frame and 1.34957 on m15. In addition, h1 structure may continue to benefit the sellers, until the price remain capped below the recent resistance at 1.35357 on h1 time frame. As a result the GBPUSD Forecast failed to sustain above the near by support at 1.35357 on h1 time frame.
Weekly Chart
Key Weekly Levels
Major Resistance
At H4
1.36956 – 1.37122
At H1
1.35402 – 1.35443
Major Support
At 1D
1.32247 – 1.32193
At H4
1.33937 – 1.33817
At H1
1.32430 – 1.32369
At M15
1.35006 – 1.34957
Market Structure Outlook
However the price may continue in the bullish momentum on 1d time frame. As a result price respects the near by support zone at 1.31611 on 1d time frame. Therefore a finish above 1.36001 on 1d time frame, price may indicate the continuation of bullish momentum and establish the fresh support zone at 1.34668 – 1.34481 on 1d. In addition, a move above 1.35993 on h4 time frame, could confirm the fresh demand zone at 1.34662 – 1.34481 on h4 time frame. Meanwhile, a decisive close below 1.34881 on h1 time frame. As a result price could continue to follow the bearish structrue and would form the fresh resistance on h1.
Weekly Trading Scenario
Although the GBPUSD Forecast could stay with in the bullish momentum on 1d time frame, until GBPUSD Forecast holds the support at 1.31611 on 1d. Meanwhile acceptance below 1.31611 on 1d, could change the bias to the bearish side and may form the fresh resistance at 1.32193 – 1.32247 on 1d. In addition, a close below 1.33820 on h4, the GBPUSD Forecast could initiate the downside momentum and may establish the fresh resistance at 1.34732 – 1.34849 on h4. Moreover, if GBPUSD Forecast settle above 1.35357 on h1, GBPUSD Forecast may shift the bias to bullish side and could form the fresh near by support at 1.34821 – 1.34753 on h1.
Bullish Scenario
A finish above 1.36001 on 1d time frame
Bearish Scenario
Acceptance below 1.31611 on 1d time frame
Key Takeways
Higher timeframe bias: Bullish
Major resistance: 1.36956 – 1.37122
Major support: – 1.32247 – 1.32193
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
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