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Weekly forecast British Pound / US Dollar technical chart
Symbol GBPUSD
Trade Setup

#GBPUSD
Total Profit: 13734 pip
Closed trade(s): 4382 pip Profit
Open trade(s): 9352 pip Profit

Trade Setup:
We opened 14 BUY trades @ 1.08845 based on 'Valley' entry method at 2022-09-28.

Closed Profit:
TP1 @ 1.10821 touched at 2022-09-29 with 197 pip Profit.
TP2 @ 1.12588 touched at 2022-10-03 with 374 pip Profit.
TP3 @ 1.14000 touched at 2022-10-04 with 515 pip Profit.
TP4 @ 1.17350 touched at 2022-11-11 with 850 pip Profit.
TP5 @ 1.19355 touched at 2022-11-15 with 1051 pip Profit.
TP6 @ 1.22795 touched at 2022-12-01 with 1395 pip Profit.
197 + 374 + 515 + 850 + 1051 + 1395 = 4382 pip

Open Profit:
Profit for one BUY trade is 1.20541(current price) - 1.08845(open price) = 1169 pip
8 trade(s) still open, therefore total profit for open trade(s) is 1169 x 8 = 9352 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 1.17350 is broken, we will close open trades.

DateFebruary 5, 2023 - 12:55
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 1.26521, beginning of downtrend is expected.
  • We make sure when the support at 1.17350 breaks.
  • If the resistance at 1.26521 is broken, the short-term forecast -beginning of downtrend- will be invalid.
  • We will close our open trades, if the Midterm level 1.17350 is broken.

Technical analysis:

  • There is a divergence in RSI and price between the peak at 1.24461 on 2022-12-14 and the peak at 1.24461 on 2023-01-23, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
  • The RSI uptrend #1 is broken, so the probability of beginning of downtrend is increased.
  • A peak is formed in daily chart at 1.24460 on 01/23/2023, so more losses to support(s) 1.19355 and minimum to Major Support (1.17350) 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 39.

Take Profits:

  1. 1.10821
  2. 1.12588
  3. 1.14000
  4. 1.17350
  5. 1.19355
  6. 1.22795
  7. 1.26521
  8. 1.29770
  9. 1.31600
  10. 1.36420
  11. 1.42460
  12. 1.45650
  13. 1.48250
Click on the level to view price action history.

Symbol Released Current Forecast
British Pound / US Dollar (GBPUSD) Sat, 23 Mar 2024
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