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

#GBPUSD
Total Profit: 17069 pip
Closed trade(s): 6149 pip Profit
Open trade(s): 10920 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.
TP7 @ 1.26521 touched at 2023-05-08 with 1767 pip Profit.
197 + 374 + 515 + 850 + 1051 + 1395 + 1767 = 6149 pip

Open Profit:
Profit for one BUY trade is 1.2445(current price) - 1.08845(open price) = 1560 pip
7 trade(s) still open, therefore total profit for open trade(s) is 1560 x 7 = 10920 pip

Trading suggestion:

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

DateMay 20, 2023 - 13:32
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 1.23420 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 1.23420 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 1.26793 on 2023-05-10, 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 1.26790 on 05/10/2023, so more losses minimum to Major Support (1.23420) 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 48.

Supports and Resistances:

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

Symbol Released Current Forecast
British Pound / US Dollar (GBPUSD) Sat, 23 Mar 2024
British Pound / US Dollar (GBPUSD) free Sun, 17 Mar 2024
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