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Weekly forecast British Pound / US Dollar technical chart
Symbol GBPUSD

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Trade Setup
#GBPUSD
Total Profit: 105 pip
Closed trade(s): 105 pip Profit
Open trade(s): 0 pip Profit

Trade Setup:
We opened 6 SELL trade(s) @ 1.2880 (day close price) based on 'Peak' at 2020.02.07 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/G...

Closed Profit:
TP1 @ 1.2775 touched at 2020.02.28 with 105 pip Profit.

5 other break-even trades closed at entry price, therefore no profit no loss.

Trading suggestion:

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

DateMarch 7, 2020 - 20:54
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 1.32100, beginning of downtrend is expected.
  • We make sure when the support at 1.27250 breaks.
  • If the resistance at 1.32100 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • The RSI downtrend #1 is broken, so the probability of beginning of downtrend is decreased.
  • A trough is formed in daily chart at 1.2725 on 02/28/2020, so more gains maximum to Major Resistance (1.3210) 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 57.

Supports and Resistances:

  1. 1.2775
  2. 1.2575
  3. 1.2380
  4. 1.2195
  5. 1.1960
Click on the level to view price action history.

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