The bulls decided to take a break during the opening of the current week. As a result, there was a slowdown and a slight downward correction yesterday despite updating last week's high. The current interest is on the historical level of 1.2150. Relative to which, the nearest support levels are set at 1.2105 (weekly Fibo Kijun) and 1.2082 (daily short-term trend).
Due to the downward movement, bullish traders in the smaller time frames lost the support of the technical indicators and the central pivot level (1.2144). The main pivot point for the development of the downward correction on the hourly chart is the weekly long-term trend (1.2074). We can note the nearest support levels at 1.2111 (S1) and 1.2093 (S2). If the correction decline is completed and the high is updated (1,2178), the role of the upward pivot will belong to the final resistance of the classic pivot levels of 1.2195 (R2) and 1.2213 (R3).
The pound did not fall during the opening of a new week unlike the euro, instead it actively continued to implement the potential that had developed at the end of the previous week. On Monday, the target for the breakdown of the daily cloud (1.4137) was entirely fulfilled. If it consolidates above the target and continues the rise, the next important pivot point will be the maximum extremum of 1.4240. At the moment, the levels of the daily target (1.4090 and 1.4137) provide the attraction. Other support levels such as 1.4008 (historical level) and 1.3978 (daily short-term trend) are located quite far from the price chart and are unlikely to be used today.
The pair is in the downward correction zone in the smaller time frames right now. Today, the key H1 levels are forming support at 1.4085 (central pivot level) and 1.3961 (weekly long-term trend). The nearest support can be found at 1.4014 (S1). If the high (1.4157) is updated and the upward trend continues to develop, the upward intraday pivot points will be the resistance of the classic pivot levels (1.4186 - 1.4257 - 1.4358).
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.
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