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Weekly forecast British Pound / US Dollar technical chart
Symbol GBPUSD

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Trading suggestion:

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

DateSeptember 26, 2020 - 19:55
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 1.30000, beginning of downtrend is expected.
  • We make sure when the support at 1.22500 breaks.
  • If the resistance at 1.30000 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the peak at 1.31695 on 2020-07-31 and the peak at 1.34815 on 2020-09-01, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
  • While the RSI resistance #1 at 55 is not broken, the probability of price increase would be too low.
  • A peak is formed in daily chart at 1.3005 on 09/16/2020, so more losses to support(s) 1.2695, 1.2540, 1.2340 and minimum to Major Support (1.2250) 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 36.

Supports and Resistances:

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

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