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Thread: GBP/USD Weekly Outlook

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    Default GBP/USD Weekly Outlook

    GBP/USD Weekly Outlook
    GBPUSD Outlook | Written by ActionForex.com | Mar 01 08 20:26 GMT |
    GBP/USD Weekly Outlook

    Sterling remains the weaker one among major currencies. Though, Cable rebounded strongly to as high as 1.9971 last week, meeting mentioned 1.9957 resistance but was kept slightly below mentioned 100% projection of 1.9337 to 1.9957 from 1.9360 at 1.9980. The development so far is still consistent with our preferred case. That is price actions from 1.9337 is developing into sideway consolidation to whole fall from 2.1161. Current rise from 1.9360 is expected to conclude near to 1.9980/2.0034 resistance zone (100% projection of 1.9337 to 1.9957 from 1.9360 at 1.9980 as well as 38.2% retracement of 2.1161 to 1.9337 at 2.0034.)

    From a short term angle, with 4 hours MACD staying below signal line, initial bias will be neutral this week and more choppy sideway trading could be seen. On upside, while another rise could be seen to above 1.9971, strong resistance should be seen as cable enters into mentioned 1.9980/2.0034 resistance zone. On the downside, break of 1.9706 resistance turned support will indicate rise from 1.9360 has already completed, so is the whole consolidation that started at 1.9337. In such case, retest of 1.9337 low should be seen.

    In the bigger picture, as discussed before, prior break of medium term rising channel and 2.0 psychological level at least indicate that rise from 1.8090 has already completed at 2.1161. With 55 weeks EMA taken out too, it's likely that the medium term up trend from 1.7047 has also completed. Deeper medium term decline is expected towards 61.8% retracement of 1.7047 to 2.1161 at 1.8619. The above view remains valid as long as upside of the consolidation from 1.9337 is limited by 2.0099 resistance. But firm break of 2.0099 will dampen this view and indicate that fall from 2.1161 has already completed. Much stronger rally should then be seen in this case.

    In the longer term picture, with cable still staying above 55 months EMA as well as the long term trend line support, there is no indication of the completion of up trend from 1.3680 (01 low) yet. However, bearish divergence in monthly MACD and RSI suggest that 2.1161 is at least a medium term top and more downside is in favor in medium term even if the long term up trend will resume eventually.





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    look this forecast on this week:

    H4 forecast
    Ascending trend, but there are some signs of trend turn:
    1) if the channel "C-C+" will be broken through, then level 1.9630 will become target

    2) if the pair won't be able to go down lower then level 1.9600, then level 2.0555 will become its target
    cancelation this scenarion if will be able to go down lower then level 1.9600

    3) if the pair will be able to go down lower then level 1.9600, then level 1.9400 will become its target
    cancelation this scenario, if after passing level 1.9600 the pair will be able to go up higher then level 1.9660



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    well i use the 1hr &15 mins chart to get the trend aND I USE 5 mins charts to get the entry and exit point.........

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    Cable's recovery from 1.9650 continues today.
    An intraday low is in place and further recovery could be seen, probably to 4 hours 55 EMA (now at 1.9841).
    corrective rebound from 1.9337 should have already completed with three waves up to 2.0391.
    Further fall is still expected to retest this 1.9337 low. Also, on the upside, break of 2.0049 resistance is now needed to indicate for fr

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