Market Overview
Although the structure is bullish in all the timeframe. On the other hand last week’s weaker non farming payroll data for US can keep the bullish momentum intact on higher timeframe. Meanwhile bearish in 1d, while the price has established change of character, by giving a decisive close above 1.34031 in h4. Meanwhile the price is approaching h1 resistance at 1.34285, can push down the price till 1.33142 at h1 support area.
Weekly Chart
Key Weekly Levels
Major Resistance
At 1D
1.35595 – 135753
High Probability Resistance Zone
Anticipated Resistance Area
At H4
1.34154 – 1.34319
Pending Resistance zone
Higher timeframe Resistance Area
At H1
1.34285 – 1.34319
Pending Resistance zone
Higher timeframe Resistance Area
Major Support
At 1D
1.30600 – 1.30393
High Probability Support Zone
Potential Support Reaction Zone
At H4
1.31940 – 1.31801
Pending Support Zone
High Probability Support Area
At H1
1.33142 – 1.33068
Newly Formed Support Area
Key Support Zone
At M15
1.33902 – 1.33876
Intraday Support Zone
Primary Support Reaction Level
These levels may act as decision zones during the week
Market Structure Outlook
Although the buyers are controlling higher timeframe bias. Meanwhile sellers are dominating on 1d and defending 1.35595 level at 1d. Moreover, if the price looses the level at 1.33068 on h1. As a result the price would establish character shift in h1 until buyers remains dominating in the market can push the price till 1d resistance at 1.35593.
Weekly Trading Scenario
If the price continues to trade above the 1.33068 in h1 then buyers can push the price till h4 resistance at 1.34155 and 1d resistance at 1.35593. Meanwhile we can expect some downside from resistance in h4 and 1d till 1.33142 support at h1. Until that buyers are controlling the higher timeframe bias.
Bullish Scenario
If price holds h1 support at 1.33068 then price will continues it’s bullish structure in higher timeframe
Bearish Scenario
I price breaks h1 support at 1.33068 with full body candle then 1.34031 could act as the next higher time resistance
Key Takeways
Higher timeframe bias: Bullish
Major resistance: 1.35593 in 1d
Major support: 1.33068 in h1
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.