It was not possible to break through the monthly level of 1.1695 (Fibo Kijun) again. As a result of a new attempt, the bears received another rebound, which is even stronger and more extensive. This happened instead of a breakdown. All this indicates the importance of breaking through the monthly support and the further formation of new minimum extremes. Here, the support levels of 1.1695 (monthly Fibo Kijun) and 1.1664 (minimum extremum) are still relevant.
But if the positions are restored, the bulls will be greeted by a fairly wide resistance zone, whose borders are currently set within the range of 1.1758-64 (accumulation of daily levels) - 1.1787 (weekly Tenkan + daily Kijun) - 1.1815 (daily Fibo Kijun).
The bulls managed to break through the key levels and consolidated above in the smaller timeframes. Above these levels, they are joining forces in the area of 1.1723-27 (central pivot level + weekly long-term trend), which now provides the main advantage for the bullish traders on the hourly chart. The intraday upward pivot points to resume growth are the resistances of the classic pivot levels, which can be noted at 1.1764 - 1.1790 - 1.1831. It should be noted that the breakdown of supports (1.1723-27) will weaken the upside, giving chances to its rivals, whose interests will be to break through the supports of the classic pivot levels set at 1.1697 - 1.1656 - 1.1630 right now.
Yesterday, the bears are expected to fail when trading with the GBP/USD pair. After testing the support zone, which was formed by the combination of two closest minimum extremes of the past (1.3601 - 1.3571), the pound returned to the attraction and influence zone of the upper border of the weekly cloud (1.3699). Today, the current week will be closed and so, the result is important. A consolidation as deep as possible in the weekly cloud is the most desirable scenario for the bears. Meanwhile, a long lower shadow of a weekly candlestick and a rebound from the upper border of a weekly cloud is the best option for the bulls.
At the moment, the key levels at 1.3682-93 (central pivot level + weekly long-term trend) are being tested on smaller timeframes. They are strengthened by the upper border of the weekly cloud (1.3699). A consolidation above will provide a bullish advantage. Their further pivot points can now be noted at 1.3773 - 1.3831 - 1.3911 (resistance of the classic pivot levels).
On the contrary, a consolidation below will strengthen the bears. Here, the downward targets are considered at 1.3635 - 1.3555 - 1.3497 (support for the classic pivot levels).
Ichimoku Kinko Hyo (9.26.52) and Kijun-sen levels in the higher time frames, as well as classic Pivot Points and Moving Average (120) on the H1 chart, are used in the technical analysis of the trading instruments.
*A análise de mercado aqui postada destina-se a aumentar o seu conhecimento, mas não dar instruções para fazer uma negociação.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.