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Weekly forecast British Pound / US Dollar technical chart
Symbol GBPUSD

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Trade Setup

#GBPUSD
Total Profit: -492 pip
Closed trade(s): 48 pip Profit
Open trade(s): -540 pip Profit
_______________________________________________
Trade Setup:
We opened 13 BUY trade(s) @ 1.2507 based on 'Hammer' entry method at 2017.02.07.

Closed Profit:
TP1 @ 1.2555 touched at 2017.02.09 with 48 pip Profit.

Open Profit:
Profit for one trade is 1.2462(current price) - 1.2507(open price) = -45 pip
12 trade(s) still open, therefore total profit for open trade(s) is -45 x 12 = -540 pip
_______________________________________________

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Buy Zone (1.2345 to 1.1890). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

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

  • Beginning of entry zone (1.2345)
    • Support on 02/07/2017
    • Trough on 02/07/2017
    • Resistance on 01/19/2017
    • Resistance on 01/04/2017
    • Resistance on 01/02/2017
    • Resistance on 12/30/2016
    • Support on 12/21/2016
    • Support on 12/20/2016
    • Support on 12/19/2016
    • Support on 11/23/2016
    • Support on 11/21/2016
    • Support on 11/18/2016
    • Support on 11/09/2016
    • Support on 11/08/2016
    • Resistance on 11/02/2016
    • Resistance on 10/19/2016
    • Resistance on 10/18/2016
  • Ending of entry zone (1.1890)
    • Support on 10/07/2016

DateFebruary 25, 2017 - 08:48
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • There is no trend in the market and the price is in a range bound, but we forecast beginning of uptrend.

Technical analysis:

  • A trough is formed in daily chart at 1.2345 on 02/07/2017, so more gains to resistance(s) 1.2555, 1.2725, 1.2910 and more heights 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 50.

Take Profits:

  1. 1.2555
  2. 1.2725
  3. 1.2910
  4. 1.3120
  5. 1.3500
  6. 1.3835
  7. 1.4045
  8. 1.4565
  9. 1.4950
  10. 1.5815
  11. 1.6455
  12. 1.7180
Click on the level to view price action history.

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British Pound / US Dollar (GBPUSD) Sat, 23 Mar 2024
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