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Weekly forecast British Pound / US Dollar technical chart
Symbol GBPUSD

Download MT4 template file

Trade Setup
#GBPUSD
Total Profit: 2517 pip
Closed trade(s): 2517 pip Profit
Open trade(s): 0 pip Profit

Trade Setup:
We opened 7 BUY trade(s) @ 1.2474 (day close price) based on 'Valley' at 2020.07.01 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/G...

Closed Profit:
TP1 @ 1.2540 touched at 2020.07.07 with 66 pip Profit.
TP2 @ 1.2695 touched at 2020.07.21 with 221 pip Profit.
TP3 @ 1.2810 touched at 2020.07.27 with 336 pip Profit.
TP4 @ 1.3000 touched at 2020.07.29 with 526 pip Profit.
TP5 @ 1.3200 touched at 2020.08.18 with 726 pip Profit.
66 + 221 + 336 + 526 + 726 = 1875 pip

Closed Profit:
Profit for one trade is 1.2795(current price) - 1.2474(open price) = 321 pip
2 trade(s) closed at market price as the major support is broken, therefore total profit will increase by 321 x 2 = 642 pip

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Buy Zone (1.2340 to 1.2250). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

We would set buy orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

  • Beginning of entry zone (1.2340)
    • Support on 10/07/2016
    • Support on 10/10/2016
    • Resistance on 10/12/2016
    • Resistance on 10/18/2016
    • Resistance on 10/19/2016
    • Resistance on 11/02/2016
    • Support on 11/18/2016
    • Support on 11/21/2016
    • Support on 12/19/2016
    • Support on 12/20/2016
    • Support on 12/21/2016
    • Resistance on 01/02/2017
    • Resistance on 01/04/2017
    • Support on 02/07/2017
    • Support on 03/21/2017
    • Resistance on 09/05/2019
    • Resistance on 09/06/2019
    • Resistance on 09/12/2019
    • Support on 09/25/2019
    • Resistance on 10/03/2019
    • Resistance on 10/04/2019
    • Resistance on 10/07/2019
    • Resistance on 04/06/2020
    • Resistance on 04/07/2020
    • Resistance on 04/22/2020
    • Support on 04/27/2020
    • Support on 05/08/2020
    • Resistance on 05/12/2020
    • Resistance on 05/13/2020
    • Resistance on 05/26/2020
    • Resistance on 05/27/2020
    • Resistance on 05/28/2020
    • Support on 06/19/2020
    • Support on 06/22/2020
  • Ending of entry zone (1.2250)
    • Support on 10/07/2016
    • Resistance on 10/12/2016
    • Resistance on 10/24/2016
    • Resistance on 10/25/2016
    • Resistance on 10/26/2016
    • Resistance on 10/27/2016
    • Resistance on 10/31/2016
    • Resistance on 11/01/2016
    • Support on 12/23/2016
    • Support on 12/26/2016
    • Support on 12/27/2016
    • Support on 12/30/2016
    • Support on 01/06/2017
    • Resistance on 01/09/2017
    • Resistance on 01/11/2017
    • Resistance on 01/12/2017
    • Support on 01/18/2017
    • Support on 01/19/2017
    • Support on 01/20/2017
    • Support on 03/02/2017
    • Support on 03/03/2017
    • Resistance on 03/13/2017
    • Support on 03/16/2017
    • Resistance on 07/31/2019
    • Resistance on 08/22/2019
    • Support on 09/05/2019
    • Support on 09/09/2019
    • Support on 10/01/2019
    • Support on 10/02/2019
    • Support on 03/13/2020
    • Support on 03/16/2020
    • Resistance on 03/26/2020
    • Support on 04/03/2020
    • Support on 04/21/2020
    • Support on 05/12/2020
    • Resistance on 05/15/2020
    • Resistance on 05/20/2020
    • Resistance on 05/21/2020
    • Support on 05/27/2020
    • Support on 05/28/2020
    • Support on 06/29/2020
    • Support on 06/30/2020

DateSeptember 12, 2020 - 22:04
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 1.30000, beginning of downtrend is expected.
  • We make sure when the support at 1.22500 breaks.
  • If the resistance at 1.30000 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the peak at 1.31695 on 2020-07-31 and the peak at 1.34815 on 2020-09-01, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
  • While the RSI uptrend #1 is not broken, bullish wave in price would continue.
  • A peak is formed in daily chart at 1.3486 on 09/01/2020, so more losses to support(s) 1.2695, 1.2540, 1.2340 and minimum to Major Support (1.2250) is expected.
  • Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
  • Relative strength index (RSI) is 34.

Take Profits:

  1. 1.2540
  2. 1.2695
  3. 1.2810
  4. 1.3000
  5. 1.3200
  6. 1.3515
Click on the level to view price action history.

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