Market Overview
Although the price may continue to trade in bearish on higher time frame 1d, h4 and h1. As the price is continuously forming lower low and lower high on h1 and h4 time frame. Meanwhile the price established change of character on m15 time frame, as giving the decisive close above 1.33051 on m15. Moreover the price followed higher time frame bearish price structure. As a result, price confirmed the bearish side character shift, as the price closed below 1.33082 on m15 time frame. In addition, price established fresh resistance zone on m15 and h1 time frame.
Weekly Chart
Key Weekly Levels
Major Resistance
1D Resistance
1.35404 – 1.35666
H4 Resistance
1.34901 – 1.35080
H1 Resistance
1.33116 – 1.33327
M15 Resistance
1.33137 – 1.33186
Major Support
1D Support
1.32123 – 1.31800
H4 Support
1.31942 – 1.31800
H1 Support
1.32098 – 1.32037
Market Structure Outlook
Although the price is likely to continue the bearish structure on higher time frame 1d and h4 , as the price trades below the key resistance levels on h4 and 1d time frame. Meanwhile the buyers may dominate the price structure at the h1 support zone 1.32037. In addition a break below 1.32198 on 1d may indicate the fresh resistance on h1 at 1.34286 – 1.34791. On the other hand, if price closes below 1.32198, price may confirm the fresh resistance on h4 at 1.34923 – 1.34797. Moreover, a decisive close below 1.32605 on h1, the price may form the fresh resistance at 1.32720 – 1.32767. A close below 1.32605 on m15, price would form the fresh resistance at 1.32732 – 1.32766 on m15
Weekly Trading Scenario
Although the price may continue to trade in bearish price structure on 1d, as the price trades below the key resistance level at 1.35751 on 1d . Therefore, a decisive close above 1.34832 on h4. The price may confirm the change of character towards the bullish price structure, while establishing the fresh support 1.34494 – 1.34377 at h4. In addition, if price closes above 1.33324 on h1 , the price would indicate the shift of structure towards the bullish side, while forming the fresh support at 1.32821 – 1.32725 on h1. Moreover, reclaiming the 1.33324 on m15, price may confirm the dual change of character on. As a result, price could confirm the fresh support at 1.33186 – 1.33137 on m15.
Bullish Scenario
A break above 1.35751 on 1d time frame the price would confirm the character shift towards the bullish side. As a result, price may form the fresh support at 1.34653 – 1.34363 on 1d.
Bearish Scenario
A break below 1.32198 on 1d may indicate the continuation of bearish structure while establishing the fresh resistance on h1 at 1.34286 – 1.34791.
Key Takeways
Higher timeframe bias: Bearish
Major Resistance:
1.35404 – 1.35666
Major Support:
1.32123 – 1.31800
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.