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Weekly forecast British Pound / US Dollar technical chart
Symbol GBPUSD

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (1.4015 to 1.4240). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

We would set sell orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

  • Beginning of entry zone (1.4015)
  • Ending of entry zone (1.4240)

DateOctober 30, 2021 - 21:23
Currentrange bound
Forecastresumption of downtrend

Midterm forecast:

  • While the price is below the resistance 1.40150, resumption of downtrend is expected.
  • We make sure when the support at 1.34150 breaks.
  • If the resistance at 1.40150 is broken, the short-term forecast -resumption of downtrend- will be invalid.

Technical analysis:

  • A peak is formed in daily chart at 1.3833 on 10/19/2021, so more losses to support(s) 1.3636, 1.3565 and minimum to Major Support (1.3415) 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 47.

Take Profits:

  1. 1.3749
  2. 1.3636
  3. 1.3415
  4. 1.3200
  5. 1.3005
  6. 1.2695
  7. 1.2250
  8. 1.1960
Click on the level to view price action history.

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