Market Overview
Although price trades in bearish structure on m15, h4 and 1d time frame. As a result, the structure remains bearish, until the price holds 1.34832 on daily time frame. On the other hand, if price holds 1.34833, the structure remains bearish. In addition, as long as the price holds 1.33501 on m15 time frame, the sellers remains dominating
Weekly Chart
Key Weekly Levels
Major Resistance
1D Resistance
1.35405 – 1.35662
Pending Supply Zone
Higher Time frame Resistance Zone
H4 Resistance
1.34833 – 1.34912
Pending Supply Zone
Higher Time frame Resistance Zone
M15 Resistance
1.33836 – 1.33898
Pending Supply Zone
Intraday Base Resistance Area
Major Support
Although the price trades in bearish structure on higher time frame h4 and 1d. However the price hasn’t confirmed any fresh support. Meanwhile higher time frame 1d support would remain valid at 1.32122– 1.31800
Market Structure Outlook
Although the price favors the sellers on the 1d h4 and m15 time frame. Moreover, until 1.34833 remains intact on daily time frame. In addition some economical events of USD and GBP can affect the price behavior.
Weekly Trading Scenario
The sellers are dominating the price on 1d, h4 and m15 time frame, as the price holds the resistance 1.34833 at 1d. A break above 1.34833 on daily time frame, could confirm the character shift towards the bullish side, while establishing the fresh support at 1.33568. On the other hand, a decisive close above 1.34833 on h4 time frame, may confirm the change of character, while forming the fresh support at 1.32984. Meanwhile the m15 time frame remains bearish, as the price holds 1.33501. As the result, if price closes 1.33501 on m15 time frame, the price could confirm the character shift, while establishing the fresh support at 1.33609.
Bullish Scenario
If price closes above 1.34833 on daily time frame.
Bearish Scenario
As long as the price holds 1.34833 on daily time frame, the structure remains bearish.
Key Takeways
Higher timeframe bias:
Bearish
Major resistance:
1.35405 – 1.35662
Major support:
1.32122- 1.31800
This GBPUSD weekly forecast focuses on key resistance & support zones that traders should focus during the whole week. 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.