EUR/USD

Higher Timeframes

Bullish traders yesterday updated the low of corrective consolidation and tested the supports of the weekly medium-term trend (1.0898) and the daily cloud (1.0879 – 1.0864). Securing in the bearish zone relative to the daily cloud will strengthen the bears and form a downward target. Further supports after breaking through the cloud will be 1.0835 – 1.0805 (monthly short-term trend + final level of the weekly Ichimoku cross). In case of a return of bullish activity to the market, the resistance cluster, which will first meet the market on the rise, is today located in the area of 1.0969 – 1.0986 – 1.1001 (daily short-term trend + weekly Fibo Kijun + monthly Fibo Kijun).

H4 - H1

The main advantage on the lower timeframes currently belongs to bearish traders. Continuing the decline within the day is possible through the supports of classic pivot points (1.0867 – 1.0829 – 1.0782). The breakout and reversal of the weekly long-term trend (1.0962) may help change the existing balance of power. The next upward targets within the day will be 1.0999 – 1.1037 (resistances of classic pivot points).

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GBP/USD

Higher Timeframes

Yesterday, the pair interacted with a broad support zone of 1.2663 – 1.2629 – 1.2597 – 1.2577. As a result, a fairly long lower shadow formed on the daily chart, and a return to the resistance of the daily short-term trend (1.2715). The development of an upward daily correction will focus on other resistances (1.2816 – 1.2865 – 1.2893 – 1.2940). Breaking through the encountered support zone (1.2663 – 1.2577) will open new prospects for bearish traders and set a downward target for breaking through the daily cloud.

H4 - H1

Currently, on the lower timeframes, the weekly long-term trend (1.2708) is being tested. This level determines the existing balance of power. Trading above this level will strive to strengthen bullish positions, with targets at the resistances of classic pivot points (1.2724 – 1.2767 – 1.2822). The positioning and trading below the level of 1.2708 will allow considering supports of classic pivot points (1.2669 – 1.2626 – 1.2571 – 1.2528) and strengthening bearish advantages.

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The technical analysis of the situation uses:

Higher timeframes - Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels

Lower timeframes - H1 - Pivot Points (classic) + Moving Average 120 (weekly long-term trend)