GBP/USD Weekly Forecast – April Week 2
Last week, GBP/USD reached an extreme supply zone near 1.3200, which was also a clean area of imbalance. The pair rejected hard from that level and closed with a strong bearish weekly candle.
On the daily chart, we saw a bearish engulfing pattern, confirming downside momentum. Although the daily close didn’t break below 1.2880, the technical setup remains valid — especially when aligned with the broader forecast for USD strength.
If price pulls back to 1.2970 (last Thursday’s low and a key resistance), this may offer a new entry for continuation toward the next major demand zone near 1.2700.
Bias: Bearish
Key Levels:
• Resistance: 1.2970 (former support turned resistance)
• Support: 1.2700 (target demand zone)
This setup aligns with the current macro environment and DXY strength outlook. Structure is still intact for further GBP weakness.
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Weekly forecast by Sphinx Trading
Drop your view in the comments.
#GBPUSD #Forex #Cable #ForexForecast #TechnicalAnalysis #SphinxWeekly #USD #PriceAction #SmartMoney
Last week, GBP/USD reached an extreme supply zone near 1.3200, which was also a clean area of imbalance. The pair rejected hard from that level and closed with a strong bearish weekly candle.
On the daily chart, we saw a bearish engulfing pattern, confirming downside momentum. Although the daily close didn’t break below 1.2880, the technical setup remains valid — especially when aligned with the broader forecast for USD strength.
If price pulls back to 1.2970 (last Thursday’s low and a key resistance), this may offer a new entry for continuation toward the next major demand zone near 1.2700.
Bias: Bearish
Key Levels:
• Resistance: 1.2970 (former support turned resistance)
• Support: 1.2700 (target demand zone)
This setup aligns with the current macro environment and DXY strength outlook. Structure is still intact for further GBP weakness.
—
Weekly forecast by Sphinx Trading
Drop your view in the comments.
#GBPUSD #Forex #Cable #ForexForecast #TechnicalAnalysis #SphinxWeekly #USD #PriceAction #SmartMoney
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