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Weekly forecast British Pound / US Dollar technical chart
Symbol GBPUSD

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Trade Setup
#GBPUSD
Total Profit: 13 pip
Closed trade(s): 13 pip Profit
Open trade(s): 0 pip Profit

Trade Setup:
We opened 8 BUY trade(s) @ 1.2287 (day close price) based on 'Two-day reversal candle(Hammer)' at 2019.08.27 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/G...

Closed Profit:
TP1 @ 1.2300 touched at 2019.09.05 with 13 pip Profit.

Trading suggestion:

  • We have already opened Buy trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.
DateSeptember 7, 2019 - 21:34
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 1.19600, beginning of uptrend is expected.
  • We make sure when the resistance at 1.23800 breaks.
  • If the support at 1.19600 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 1.20145 on 2019-08-12 and the trough at 1.19575 on 2019-09-03, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
  • The RSI downtrend #1 is broken, so the probability of beginning of uptrend is increased.
  • A trough is formed in daily chart at 1.1960 on 09/03/2019, so more gains to resistance(s) 1.2300 and maximum to Major Resistance (1.2380) 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 54.

Take Profits:

  1. 1.2300
  2. 1.2380
  3. 1.2475
  4. 1.2655
  5. 1.2865
  6. 1.3170
  7. 1.3380
Click on the level to view price action history.
Symbol Released Current Forecast
British Pound / US Dollar (GBPUSD) Sun, 14 Apr 2024
British Pound / US Dollar (GBPUSD) Sat, 6 Apr 2024
British Pound / US Dollar (GBPUSD) Sat, 30 Mar 2024
British Pound / US Dollar (GBPUSD) Sat, 23 Mar 2024
British Pound / US Dollar (GBPUSD) free Sun, 17 Mar 2024
History
Daily-Trading-Opportunities on GBPUSD.