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Weekly forecast British Pound / US Dollar technical chart
Symbol GBPUSD

Download MT4 template file

Trade Setup
#GBPUSD
Total Profit: 2599 pip
Closed trade(s): 1171 pip Profit
Open trade(s): 1428 pip Profit

Trade Setup:
We opened 7 BUY trade(s) @ 1.2301 based on 'Hammer' at 2019.10.01 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/G...

Closed Profit:
TP1 @ 1.2380 touched at 2019.10.03 with 79 pip Profit.
TP2 @ 1.2475 touched at 2019.10.11 with 174 pip Profit.
TP3 @ 1.2655 touched at 2019.10.11 with 354 pip Profit.
TP4 @ 1.2865 touched at 2019.10.16 with 564 pip Profit.
79 + 174 + 354 + 564 = 1171 pip

Open Profit:
Profit for one trade is 1.2777(current price) - 1.2301(open price) = 476 pip
3 trade(s) still open, therefore total profit for open trade(s) is 476 x 3 = 1428 pip

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.
  • If the Midterm level 1.2560 is broken, we will close open trades.
  • Price may also reach 1.2560, if price reaches this level, there is a second chance to get more profit and reinvest by Daily-Trading-Opportunities signals. This suggestion is not according to Trend Hunter Strategy, and depends on personal strategies.

DateNovember 9, 2019 - 18:03
Currentrange bound
Forecastbeginning of uptrend
Last weekBearish

Midterm forecast:

  • There is no trend in the market and the price is in a range bound, but we forecast an uptrend wave above 1.2560 would begin in Midterm.
  • We will close our open trades, if the Midterm level 1.2560 is broken.

Technical analysis:

  • The ascending flag taking shape suggests we will soon see another leg higher.
  • While the RSI uptrend #1 is not broken, bullish wave in price would continue.
  • A peak is formed in daily chart at 1.2970 on 10/31/2019, so more losses to support(s) 1.2655 and minimum to Major Support (1.2560) 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 53.

Take Profits:

  1. 1.2380
  2. 1.2475
  3. 1.2655
  4. 1.2865
  5. 1.3170
  6. 1.3380
Click on the level to view price action history.

Symbol Released Current Forecast
British Pound / US Dollar (GBPUSD) new Sun, 12 Jul 2020
British Pound / US Dollar (GBPUSD) Sat, 4 Jul 2020
British Pound / US Dollar (GBPUSD) Wed, 1 Jul 2020
British Pound / US Dollar (GBPUSD) Sat, 27 Jun 2020
British Pound / US Dollar (GBPUSD) Sat, 20 Jun 2020