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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 Buy Zone (1.18241 to 1.17590). 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 (1.18241)
  • Ending of entry zone (1.17590)

DateAugust 6, 2022 - 09:18
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 1.17590, beginning of uptrend is expected.
  • We make sure when the resistance at 1.23244 breaks.
  • If the support at 1.17590 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the trough at 1.21644 on 2022-05-12 and the trough at 1.17592 on 2022-07-14, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
  • The RSI downtrend #1 is broken, so the probability of beginning of uptrend is increased.
  • A peak is formed in daily chart at 1.22930 on 08/01/2022, so more losses to support(s) 1.20576, 1.19355, 1.18241 and minimum to Major Support (1.17590) 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.

Take Profits:

  1. 1.19355
  2. 1.20576
  3. 1.21611
  4. 1.23244
  5. 1.24561
  6. 1.26521
  7. 1.28201
  8. 1.29757
  9. 1.31600
  10. 1.36420
  11. 1.42460
  12. 1.45650
  13. 1.48250
Click on the level to view price action history.

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