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Weekly forecast British Pound / Singapore Dollar technical chart
Symbol GBPSGD
Trade Setup

#GBPSGD
Total Loss: 2730 pip
Closed trade(s): 2730 pip Loss

Trade Setup:
We opened 14 BUY trades @ 1.61699 based on 'Hammer' entry method at 2022-09-07.

Closed Profit:
TP1 @ 1.62996 touched at 2022-09-12 with 130 pip Profit.
Closed Loss:
SL @ 1.59503 touched at 2022-09-21 with 2860 pip Loss.
Loss for one BUY trade is 1.61699(open price) - 1.59503(close price) = 220 pip
Therefore total loss for trades is 220 x 13 = 2860 pip

Trading suggestion:

  • By appearing primary signs of entering the market, new entry zone and short-term targets would be published.

DateSeptember 25, 2022 - 08:01
Currentdowntrend
Forecastcontinuation of downtrend

Midterm forecast:

  • 1.60348 is a major resistance, while this level is not broken, the Midterm wave will be downtrend.

Technical analysis:

  • While the RSI downtrend #1 is not broken, bearish wave in price would continue.
  • A peak is formed in daily chart at 1.63500 on 09/13/2022, so more losses to support(s) 1.54925 and more depths 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 17.

Supports and Resistances:

  1. 1.85050
  2. 1.83200
  3. 1.80660
  4. 1.78550
  5. 1.76968
  6. 1.75595
  7. 1.73239
  8. 1.70740
  9. 1.69696
  10. 1.67223
  11. 1.65526
  12. 1.64030
  13. 1.62996
  14. 1.60348
Click on the level to view price action history.