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Weekly forecast British Pound / US Dollar technical chart

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Trade Setup
Total Profit: 49 pip
Closed trade(s): 0 pip Profit
Open trade(s): 49 pip Profit

Trade Setup:
We opened 7 BUY trade(s) @ 1.2474 (day close price) based on 'Valley' at 2020.07.01 signaled by DTO:

Open Profit:
Profit for one trade is 1.2481(current price) - 1.2474(open price) = 7 pip
7 trade(s) still open, therefore total profit for open trade(s) is 7 x 7 = 49 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.

DateJuly 4, 2020 - 18:47
Currentrange bound
Forecastbeginning of uptrend
Last weekBullish

Midterm forecast:

  • While the price is above the support 1.1960, beginning of uptrend is expected.
  • We make sure when the resistance at 1.2810 breaks.
  • If the support at 1.1960 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • While the RSI support #1 at 36 is not broken, the probability of price decrease would be too low.
  • A trough is formed in daily chart at 1.2242 on 06/30/2020, so more gains to resistance(s) 1.2540, 1.2695 and maximum to Major Resistance (1.2810) 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 52.

Take Profits:

  1. 1.2540
  2. 1.2695
  3. 1.2810
  4. 1.3000
  5. 1.3200
  6. 1.3515
Click on the level to view price action history.

Symbol Released Current Forecast
British Pound / US Dollar (GBPUSD) new Sat, 8 Aug 2020
British Pound / US Dollar (GBPUSD) free Sat, 1 Aug 2020
British Pound / US Dollar (GBPUSD) free Sun, 26 Jul 2020
British Pound / US Dollar (GBPUSD) free Sat, 18 Jul 2020
British Pound / US Dollar (GBPUSD) Sun, 12 Jul 2020