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Weekly forecast Euro / British Pound technical chart

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Buy Zone (0.85172 to 0.84920). 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 (0.85172)
  • Ending of entry zone (0.84920)

DateSeptember 16, 2023 - 17:16
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 0.84920, beginning of uptrend is expected.
  • We make sure when the resistance at 0.87340 breaks.
  • If the support at 0.84920 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the trough at 0.85177 on 2023-06-19 and the trough at 0.8492 on 2023-08-23, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
  • While the RSI resistance #1 at 60 is not broken, the probability of price increase would be too low.
  • A trough is formed in daily chart at 0.85230 on 09/05/2023, so more gains to resistance(s) 0.86103, 0.86592, 0.87000 and maximum to Major Resistance (0.87340) is expected.
  • Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
  • Relative strength index (RSI) is 56.

Take Profits:

  1. 0.86103
  2. 0.87000
  3. 0.87340
  4. 0.87894
  5. 0.88660
  6. 0.89400
  7. 0.90000
Click on the level to view price action history.

Symbol Released Current Forecast
Euro / British Pound (EURGBP) Tue, 11 Jun 2024
Euro / British Pound (EURGBP) Sat, 8 Jun 2024
Euro / British Pound (EURGBP) Sat, 1 Jun 2024
Euro / British Pound (EURGBP) Sun, 26 May 2024
Euro / British Pound (EURGBP) Sat, 18 May 2024