Market Overview
The structure indicates bearish momentum on the higher time frame as the price decisively close below the last support at 1.33455 on 1d time frame. This move confirms the change of character on 1D time frame while forming the fresh resistance on higher time frame 1D at 1.35405. And all the time frame are following the broader time frame by continuing the bearish structure.
Weekly Chart
Key Weekly Levels
Major Resistance
1D Resistance
1.35405 – 1.35662
Fresh Resistance Zone
Higher Probability Resistance Confluence Zone
H4 Resistance
1.34584 – 1.34826
Fresh Resistance Zone
Higher Time Frame Resistance Area
H1 Resistance
1.33635 – 1.33696
Fresh Resistance Zone
Higher Time Frame Resistance Area
M15 Resistance
1.32497 – 1.32529
Fresh Resistance Zone
Short Term Intraday Resistance Zone
Major Support
As the structure favors the downside momentum, no support established by the price on any time frame. Reclaiming the 1.38702 on 1D time frame may confirm the bullish momentum.
These levels may act as decision zones during the week
Market Structure Outlook
As the structure remains bearish until the price trades below the last resistance on 1D time frame. As the price holds 1.38702 on 1D time frame, the sellers will remain in control. The fresh resistance will remain at 1.35405 on daily time frame.
Weekly Trading Scenario
Although the price favors the sellers as the price breaks below 1.33455 on 1D time frame. In addition, a sustained close above 1.38704 on 1D time frame. As a result, the price could establish the dual change of character towards the bullish side. Meanwhile forming the fresh support at 1.35662. Moreover, reclaiming 1.34826 on h4 time frame. As a result, the price would confirm the change of character on h4 higher time frame towards the bullish side while forming the fresh support at 1.32543. Similarly on the other hand reclaiming the 1.32529 on h1 time frame would establish the character shift towards the bullish side, while establishing the fresh resistance at 1.32386. Until these resistance intact downside will remain continue.
Bullish Scenario
A break above 1.33455 on 1d time frame may establish the character shift on daily time frame.
Bearish Scenario
If price holds 1.33455 on daily time frame, the structure will continue its downside momentum.
Key Takeways
Higher timeframe bias: Bearish
Major resistance: 1.35405 – 1.35662
Major support: No support formed by the price on any time frame, as the structure remains bearish
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.